Govt considering formulation of Retail Policy : Prabhu

Speed Post News Network

New Delhi : Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu on July 25, 2018, said that the Central government is considering formulation of a Retail Policy for the balanced growth of trade in the country.

Addressing a national conclave of traders in New Delhi, Prabhu said that he has written to the Consumer Affairs Ministry in this regard. He said that the government will protect the interests of small retail traders while allowing FDI in retail sector. He said that size of India’s economy will double in next 8 years and touch USD 10 trillion by 2035.

The Commerce Minister said that if the size of the economy expands, trade and business is bound to benefit. He further stated that if GDP goes up, it will mean higher trade, more employment opportunities, higher income and expenditure which will have multiplying impact on trade and business as a whole, according to a PIB release.

Prabhu reiterated that the government is committed to see that every district in the country grows at the rate of three percent annually and contributes to overall development of the country. He  stated that 6 districts from 5 States have been identified for this. Taking note of suggestion of traders for setting up a board of internal trade, Prabhu assured the delegates that he will take up the issue with the Ministry concerned.