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govt looking at drafting a retail policy: commerce minister

The government is considering formulation of a retail policy for the balanced growth of trade in the country, Commerce and Industry Minister has said. The Minister said he had written to the Consumer Affairs Ministry in this regard, an official release from the Commerce & Industry Ministry said. “The government will protect the interests of small retail traders while allowing FDI in retail sector,” Commerce Minister said. Traders have been opposing FDI in retail trade as they fear that it would push small retail shops dotting the country out of business and result in large-scale unemployment. The size of India’s economy will double in next eight years and touch $10 trillion by 2035, the Minister said, adding that with the expansion in the size of the economy was bound to benefit trade and business. The Commerce & Industry Ministry is also working on a draft ecommerce policy. A task force headed by Commerce Secretary has been set up which is putting together suggestions on the with the dispute. Oil exploration in the South China Sea is a sensitive issue in Vietnam- China relations. Minister of State for External Affairs also pitched for enhanced cooperation between the two countries in sectors such as renewable energy, agriculture, tourism, textiles, leather and minerals processing among others.

 

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