Minister of Commerce and Industry speaking at National Conclave of Traders in New Delhi

Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu has said that Central government is considering formulation of a Retail Policy for the balanced growth of trade in the country. Addressing a national conclave of traders in New Delhi today Suresh Prabhu said that he has written to the Consumer Affairs Ministry in this regard. He said that the government will protect the interests of small retail traders while allowing FDI in retail sector. He said that size of India’s economy will double in next 8 years and touch USD 10 trillion by 2035. The Commerce Minister said that if the size of the economy expands, trade and business is bound to benefit. He further stated that if GDP goes up, it will mean higher trade, more employment opportunities, higher income and expenditure which will have multiplying impact on trade and business as a whole.

Suresh Prabhu reiterated that the government is committed to see that every district in the country grows at the rate of three percent annually and contributes to overall development of the country.  He further stated that 6 districts from 5 States have been identified for this.  Taking note of suggestion of traders for setting up a board of internal trade, Suresh Prabhu assured the delegates that he will take up the issue with the concerned Ministry

Retail policy balancing small traders and FDI aims to protect small retailers while enabling organized retail expansion nationwide. A proposed Retail Policy is being considered to reconcile permitting FDI and organized retail with safeguards for small retail traders; the Commerce Minister has engaged the Consumer Affairs Ministry and committed to protective measures while pursuing broader trade and district-level growth objectives, including consideration of an internal trade board.