GS Paper 3
Syllabus: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth
Source: Live Mint
Context: The Department for Promotion of Industry and Internal Trade (DPIIT) has sought the views of 16 departments and ministries on its draft national retail trade policy
- After getting comments from all the departments and ministries, DPIIT would seek approval from the Union Cabinet on the policy
What is Retail Trade?
Retail trade encompasses department store, bookstores, and grocery stores, along with many others that sell new or used goods to the public for personal or household use.
About the Policy:
Aim of the policy: To formulate strategies to provide a globally competitive and sustainable environment for the overall development of retail trade through targeted efforts.
This can be done through:
- Ensuring easy and quick access to affordable credit
- Facilitating modernization and digitisation of retail trade by promoting modern technology and superior infrastructural support
- Development of physical infrastructure across the distribution chain
- Promotion of skill development and improve labour productivity
- Providing an effective consultative and grievance redressal mechanism for the sector
Government’s schemes for promoting the retail sector:
- Finance: PM Mudra Yojana, PM Jan Dhan Yojana
- Infrastructure status to Warehousing and logistics, multi-modal logistics parks, Smart Cities Mission etc.
- Digital: ONDC, GeMS portal etc.
Other policies in the pipeline are:
- DPIIT is also working on formulating a national e-commerce policy to promote the growth of the online retail sector in the country.
- A new industrial policy is also on the anvil: This will be the third industrial policy after the first in 1956 and the second in 1991
Committee Report- Promotion & Regulation of E-Commerce
Q. In the context of changing dynamics of commerce and trade, Discuss the challenges in the formulation of a new Retail Trade Policy for India. (15M)