Business News | Govt in Final Stages of Launching New National Retail Trade Policy, Says Som Parkash

New Delhi [India], October 28 (ANI): The government is in the final stages of launching the new National Retail Trade Policy, said Minister of State (MoS) for Commerce and Industry, Som Parkash on Wednesday.

"The policy is being formulated to support the development of the sector that will benefit 65 million small traders. These endeavours along with the support of the industry would help in contributing a significant chunk to India's GDP," Parkash said addressing the inaugural virtual session of 'FICCI MASSMERIZE 2020'.

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The MoS further said that the government will extend support to the e-commerce and retail industry through various policies.

"We are in the final stage of drafting a National Logistics Policy, New Industrial Policy, e-commerce Policy and National Retail Trade policy," he said.

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Parkash further stated that trade, e-commerce and fast-moving consumer goods (FMCG) companies have a huge presence in India along with a large consumer base that provides numerous opportunities for every player in this sector.

"Department for Promotion of Industry and Internal Trade (DPIIT) has always been at the forefront in ensuring that investments come in this sector," said Parkash. He also urged the industry to come forward and contribute towards making India Atmanirbhar in every possible way and to elevate the country's image globally.

The Union Minister said that although COVID-19 has had an impact on people, economy and businesses, the government has already launched a series of programs to transform India into a global economic hub and is working on the vision of 'minimum government and maximum governance'.

Sanjiv Mehta, Vice President, FICCI and Chair, FICCI FMCG Committee and CMD, Hindustan Unilever Ltd and President, Unilever South Asia said that the world we live will be very different post-COVID-19.

"But a crisis of this magnitude also has the potential to re-shape the world order. Certain trends like clean living and contact-less culture are behaviours which are there to stay even after the crisis. Every crisis catalyses a new wave of change and COVID-19 has led to the adoption of digital as the new way of life," Mehta added. (ANI)

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