MADURAI: The Union government’s initiative to formulate and announce a National Retail Trade Policy with good provisions for retail sector in India and the plan to provide an insurance scheme for retail traders registered under the GST was welcomed by the Tamil Nadu Chamber of Commerce and Industry.
In a press statement issued in Madurai on 24th April 2023, the chamber president Dr.N.Jegatheesan had welcomed the proposed retail trade policy at national level as it will help retail traders to expand their business and function with clarity based on policy guidelines.
“On behalf of the retail traders, TN Chamber welcomes the initiative of Union government to announce soon a national retail trade policy with provisions to ensure easy and quick access to affordable credit, facilitating modernization and digitization of retail trade, improving distribution chain, effective grievance redressal mechanism, skill development etc. The policy would help in providing better infrastructure and more credit to retail traders. It is also highly commendable that the Union Industries Ministry along with Union Finance Ministry is working out to frame an insurance scheme for all retail traders who are registered under the ambit of GST,” the TN Chamber president Dr.N.Jegatheesan has said in a press statement here yesterday.
Stating that an insurance scheme for retail traders is a recognition of contribution made by small retail traders to the national exchequer and GST revenue, he pointed out that retail trade in India is one of the pillars of economy and accounts for 10 per cent of overall GDP of the country, and provides employment in huge numbers.
“In order to protect the small retail traders in our country, the Tamil Nadu Chamber of Commerce and Industry had often insisted the union government to enact a national retail trade policy that will create a conducive environment for retail trade, simplifies procedures and policies and help them to face competition. Since the Union government is likely to announce a national retail trade policy, we welcome that initiative,” Dr.N.Jegatheesan added.
ADVERTISEMENT
