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Government Soon Likely to Announce a New Trade Policy and Insurance Programme

In the coming days, Government may make changes in the existing Trade Policy and Insurance Scheme with an aim to help GST-registered domestic merchants.

Vivek Singh
Government is soon likely to amend Trade Policy and Insurance Schemes for domestic merchants
Government is soon likely to amend Trade Policy and Insurance Schemes for domestic merchants

Shortly, the government intends to launch a national retail trade policy and an accident insurance programme to assist domestic merchants who are GST-registered. According to a report by PTI, the official claimed that the proposed regulation will aid in giving dealers better infrastructure and greater financing.

The proposed national retail trade policy in India may include initiatives like guaranteeing easy and quick access to affordable credit, encouraging the modernization and digitization of retail trade, supporting distribution chains with modern infrastructure, promoting skill development, and raising labour productivity. The policy might also create a strong system for consultation and grievance redressal.

The Department of Financial Services and the Commerce and Industry Ministry are working together to develop an insurance programme for all retail businesses registered under the Goods and Services Tax (GST) system. India is the fifth-largest retail market in the world.

The official added to his statement that the government is taking all the possible measures to make changes in the policy not only related to e-commerce but is also likely introducing a national retail trade policy which will make it easier to operate a business, offering credits, and other benefits to physical traders.

A simplified one-window clearance system for dealers might be implemented as part of the suggested national retail trade policy, combined with the implementation of a centralised computerised inspection management system. Confederation of All India Traders (CAIT), responding to the move, stated that the retail trade strategy will undoubtedly aid the sector in expanding its operations as it will have clear guidelines and basics within which to operate.

According to CAIT Secretary General Praveen Khandelwal, the only sector of the economy that does not currently have a policy is the retail sector. Additionally, he added, "granting traders an insurance programme will recognise their outstanding contribution to the national exchequer."

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