Retail

India plans retail trade policy, settling logistics policy

26 Sep '20

1 min read

Pic: Shutterstock

India plans to formulate a retail trade policy for which stakeholder consultations are under way, and is in the process of finalising a logistics policy to help significantly lower logistics costs, commerce and industry minister Piyush Goyal told parliament upper house recently. The Make in India 2.0 initiative is now focusing on 27 sectors, he informed.

The government has set up a National Traders' Welfare Board for the welfare of traders and their employees, simplification of the acts and rules applicable to traders, reduction of compliance burden and improvement in access to funds.

He also said 24 sub-sectors (such as agro-food processing, steel, agro chemicals, electronics products, furniture, leather, auto parts and textiles) in manufacturing have been identified in consultation with industry based on export potential, import substitution and employment generation capacity, where attention would be given to make India a self-reliant country and a global supplier, a news agency reported.

The department for promotion of industry and internal trade is coordinating action plans for 15 manufacturing sectors, such as aerospace and defence, food processing, capital goods, leather, pharmaceutical and medical devices, while the department of commerce is coordinating for 12 service sectors, he added.

Fibre2Fashion News Desk (DS)

More Retail News - India...