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CAIT calls for Retail Development & Regulatory Authority in India

Vjmedia Works | February 15, 2016

The Confederation of All India Traders (CAIT) has proposed for a separate development and regulatory authority for Indian retail trade along with infrastructure development to the Union Government. By this, CAIT hopes to meet today's global retail standards.

The Confederation of All India Traders (CAIT) has urged the Union Government to constitute a Retail Development & Regulatory Authority to exhilarate structured growth of retail trade in India which is suffering from various onslaughts within various verticals of retail trade.

"Indian retail trade is the world's largest disaggregated private business ecosystem consisting of 57 million non corporate, self organised business enterprises in terms of brick & mortar shops. Besides, it has several other verticals like corporate retail, e-commerce, direct selling, wholesale cash & carry stores run by MNCs and others and in absence of any regulative mechanism one vertical is encroaching upon the domain of other vertical leading to state of confrontation. Taking into consideration vast potential of this sector, a Retail Development & Regulatory Authority is need of the hour" said BC Bhartia, National President, CAIT.

Despite contributing 45 per cent to national GDP and being an employment driver in the tens of millions whereas other sectors are not even close to it has not been even supported by credit from formal sources and it is operating outside the formal system. Post Independence no government has ever taken retail sector on its priority. It is for the first time when Prime Minister Mr. Narendra Modi launched MUDRA Yojna for financial inclusion of small businesses in India. Praveen Khandelwal, General Secretary, CAIT, said "Retail trade in India is often treated as an orphan child having neither a policy nor a separate Ministry whereas other sectors of economy do have specified policies and respective ministries at the Central level.”

CAIT pitched for retail trade not only to have policy and financial inclusion but also for modernisation to meet global challenges. Formation of Retail Development & Regulatory Authority is expected to focus on systematic development of retail trade in India. The commercial markets across the country though doing extensive business yet lack basic infrastructure and often face multiple problems and as such development takes place at its own. The Authority will not only craft policies for development of retail trade but will also regulate the same in a cohesive manner.

CAIT also informed that a Parliamentary Standing Committee headed by senior BJP leader Dr. Murli Manohar Joshi had also recommended formation of Retail Regulatory Authority in its report submitted to Parliament in the year 2008 but so far no action has been taken on the proposed report.  

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