An interesting aspect of the proposed new policy is its emphasis on the welfare of traders.
After implementing this strategy, the cost of daily necessities will be under control.
For the growth of the national retail industry, the central government is implementing a national retail policy and an e-commerce policy. After implementing this strategy, the cost of daily necessities will be under control. In addition, it will be easier for traders to get additional money from the bank faster. Those associated with small businesses, such as grocery stores and brick-and-mortar businesses, will especially benefit from the policy.
“It will also help improve infrastructure and provide easy credit to small street retailers,” said Sanjeev Singh, joint secretary, Department of Promotion of Industry and Domestic Trade (DPIIT). “In addition, this strategy will help traders get additional loans and improved infrastructure. Also, the department plans to develop an e-commerce policy for online stores.
He stated that DPIIT will also try to develop an e-commerce policy for online merchants. Speaking at an event organized by industry group Ficci, Sanjiv said, “We believe there should be synergy between e-commerce and retail dealers. An interesting aspect of the proposed new policy is its emphasis on the welfare of traders. The draft includes provisions for accident insurance as well as pension plans for business owners, independent contractors and traders. A national body to ensure the welfare of traders was also proposed.
According to Sanjiv, the government’s Open Network for Digital Commerce (ONDC) initiative will transform the entire e-commerce ecosystem and break the hegemony of e-commerce giants. India’s retail market is one of the fastest growing in the world and will reach $2 trillion by 2032, says Subramaniam V, director of Reliance Retail. The unorganized sector is expected to contribute about 87% of the estimated $844 billion market in 2022, he said. .
According to Subramaniam, due to its low size and lack of financial resources, the unorganized sector is highly fragmented and lacks modern infrastructure and technology. According to him, the sector needed to create an atmosphere that supports fair and sustainable growth.
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