New Delhi, October 28: The government is in the final phase of introducing a National Retail Trade Policy, which aims to support nearly 65 million small traders and strengthen India’s retail and e-commerce ecosystem, according to Som Parkash, Minister of State for Commerce & Industry.
Speaking at the inaugural session of FICCI MASSMERIZE 2020, the minister said the new policy, along with the National Logistics Policy, New Industrial Policy, and E-commerce Policy, will create opportunities for traders and enhance the sector’s contribution to India’s GDP.
Highlighting the sector’s significance, Parkash noted that India’s large consumer base and the strong presence of trade, FMCG, and e-commerce companies provide immense growth potential. He added that the Department for Promotion of Industry and Internal Trade (DPIIT) has consistently worked to attract investments and facilitate industry growth.
Urging industry stakeholders to partner with the government’s vision of Atmanirbhar Bharat, Parkash stressed the need to boost domestic capabilities and strengthen India’s position globally. He acknowledged the challenges posed by COVID-19 but pointed out that the government has already rolled out multiple initiatives aimed at transforming India into a global economic hub, guided by the principle of “minimum government, maximum governance.”
Industry leaders also shared their perspectives during the event. Sanjiv Mehta, Vice President of FICCI, Chair of the FICCI FMCG Committee, and CMD of Hindustan Unilever Ltd, observed that the pandemic has accelerated shifts in consumer behaviour.
“Certain trends such as clean living and a contactless culture will remain long after the crisis. Every crisis drives change, and COVID-19 has catalysed the adoption of digital as a new way of life,” Mehta said.
Parkash further pointed out that India’s improved ease of doing business rankings in recent years are a result of the government’s transformative reforms, and the upcoming policies will continue to build on this momentum.
