For the growth of the nation’s retail industry, the central government is putting forth a national retail trade policy and an e-commerce policy. The cost of daily necessities will be under control once this strategy is in place. Besides, it will be simpler for the traders to borrow additional money from the bank faster. Those connected to small businesses, such as grocery stores and brick-and-stone businesses, will particularly benefit from the policy.
“This will also help in providing improved infrastructure facilities and easy loans for small retail dealers in the street,” said Sanjeev Singh, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT). “Also, this strategy will assist in giving traders additional loans and improved infrastructure. The department is also planning to develop an e-commerce policy for online shops in addition to this.”
He claimed that DPIIT is also attempting to develop an e-commerce policy for online merchants. At an event hosted by industry group Ficci, Sanjiv stated, “We think that there should be a synergy between e-commerce as well as retail dealers. The suggested new policy’s emphasis on traders’ welfare is an intriguing aspect. The draft includes provisions for accident insurance as well as pension plans for business owners, independent contractors, and traders. A national body for traders’ welfare has also been suggested.
The government’s Open Network for Digital Commerce (ONDC) initiative, according to Sanjiv, will alter the entire e-commerce ecosystem and end the hegemony of the e-commerce giants. Director of Reliance Retail Subramaniam V claims that the Indian retail market is among the fastest growing in the world and will reach $2 trillion by 2032. According to him, the unorganized sector is expected to contribute about 87% of the market’s projected $844 billion in 2022.
Due to its lower volume and lack of financial resources, the unorganised sector, according to Subramaniam, is severely fragmented and lacks contemporary infrastructure and technology. According to him, the sector needed to create an atmosphere that supported equitable and sustainable growth.
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