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The government is considering formulation of a retail policy for the balanced growth of trade in the country, Commerce and Industry Minister Suresh Prabhu has said.
The Minister said he had written to the Consumer Affairs Ministry in this regard, an official release from the Commerce & Industry Ministry said. “The government will protect the interests of small retail traders while allowing FDI in retail sector,” Prabhu said at the national conclave of traders on Wednesday.
Traders have been opposing FDI in retail trade as they fear that it would push small retail shops dotting the country out of business and result in large-scale unemployment.
The size of India’s economy will double in next eight years and touch $10 trillion by 2035, the Minister said, adding that with the expansion in the size of the economy was bound to benefit trade and business.
The Commerce & Industry Ministry is also working on a draft e-commerce policy. A task force headed by Commerce Secretary Rita Teaotia has been set up which is putting together suggestions on the proposed framework policy from Ministries and Departments including finance, information technology & telecom and consumer affairs.
The taskforce will suggest a framework for a comprehensive e-commerce policy by the end of August and submit it to the e-commerce thinktank led by Prabhu.
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