The Indian government is set to announce a new national retail trade policy and an accident insurance scheme for traders registered under the Goods and Services Tax (GST) system. The announcement is expected to come soon, according to sources familiar with the matter.
The national retail trade policy is aimed at promoting ease of doing business for small and medium-sized traders across the country. The policy is expected to streamline regulations, reduce compliance burden, and provide better access to credit and finance for traders. It is also expected to encourage the adoption of new technologies and digital platforms to promote growth and innovation in the sector.
The accident insurance scheme for GST-registered traders is aimed at providing financial protection in case of accidental death or disability. The scheme is expected to cover all registered traders under the GST system, including those who operate from home or online platforms. The insurance coverage is expected to be affordable and accessible to all traders, regardless of their size or location.
The new policies are expected to benefit millions of small and medium-sized traders across the country who have been struggling due to the economic impact of the COVID-19 pandemic. The retail sector is one of the largest employers in the country, providing jobs to millions of people, especially in the informal sector. The new policies are expected to provide much-needed support and encouragement to the sector, which has been hit hard by the pandemic and the subsequent lockdowns.
The government has been working on these policies for some time now, in consultation with various stakeholders, including traders' associations, industry bodies, and experts. The policies are expected to be a part of the government's efforts to boost economic growth and employment generation in the country, especially in the wake of the pandemic.
The announcement of the new policies is expected to be a major boost for the retail sector and the economy as a whole. It is expected to provide a much-needed stimulus to the sector and encourage traders to adopt new technologies and practices to improve their businesses. The policies are also expected to help reduce compliance burden and promote a more business-friendly environment for traders in the country.
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Source: Economics Times
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