National trade policy & retail regulatory authority demanded for retail trade

New Delhi, June 24, 2014: "The second largest employment generating sector, the retail trade sector of the Country needs to be made stronger and to ensure its overall development, the Union Government should formulate a National Trade Policy and a separate Ministry of Internal Trade should be set up "- demanded a two days National Traders Conference which began today at New Delhi under the umbrella of the Confederation of All India Traders (CAIT). More than 200 prominent trade leaders from all over the country are participating in the national conference which was chaired by CAIT National President B.C.Bhartia.
In a resolution unanimously adopted at the conference it was stated that in last many years, the real shape of the retail sector has been diagonally changed. According to Census 2011 the non farm non corporate sector in the Country includes 45% people from other backward class, 14% from Scheduled Caste and about 5% from Scheduled Tribe. There is no other sector of economy where these communities have dominance. In the backdrop of such a situation, it is obligatory on the Government that keeping into consideration the social and economic situation of retail trade, a National Trade Policy is the need of the hour and to develop an alternate financial mechanism for small traders. The CAIT has said that the core banking sector has failed to meet financial requirements of small traders and as such the Non Banking Finance Companies and Cooperative Banks should be encouraged to provide need finance to small traders. The CAIT has demanded that Union Finance Minister must announce a policy statement on this important issue.
In an another economic resolution adopted at the Conference, the trade leaders applauded the statement of the Central Government for not bringing FDI in retail trade as also the announcement of Union Finance Minister Arun Jaitley making a pitch for early introduction of GST in the Country. The resolution further said that the anomalies and disparities under present VAT taxation system has become an eye sore for the traders and therefore simplification and rationalisation of tax structure is needed. The CAIT strongly advocated a Single Tax GST with single Authority and uniform GST law in every state of the Country. The taxation system is a technical subject and must be administered by technical qualified people and hence a separate cadre of Indian Taxation System (ITS) on the pattern of IAS should be formed.
Trade leaders at the Conference also called for a Retail Regulatory Authority to monitor and regulate the retail trade of India. The Conference will continue tomorrow and core issues like FDI in Retail E Commerce, Free Trade Agreements with other nations, Urban development and role of trading community etc. will be discussed and future strategy will be chalked out.