: Retail policy to reduce number of licences needed to open a retail outlet #FinanceIndia #StockMarketNEWS Retail policy to reduce number of licences needed to open a retail outlet New Delhi, Nov 27

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Retail policy to reduce number of licences needed to open a retail outlet #FinanceIndia #StockMarketNEWS
Retail policy to reduce number of licences needed to open a retail outlet New Delhi, Nov 27 (KNN) The national retail policy will aim to ease compliance burden and reduce the number of licences needed to open a retail outlet, said Anil Agrawal, joint secretary at the Department for Promotion of Industry and Internal trade (DPIIT).

Agarwal said this while releasing the CII-Kearney report titled “National Retail Policy- To Enable the Next Wave of Retail Growth which listed recommendations for the policy.

“One of the basic efforts of the policy is to reduce the compliance burden, to make it easy to start business and to keep it operational,” he added.

Helping traders to become digitally sound and pushing regulatory reforms could be some of the major focus areas of the national retail policy that is set to be rolled out, Agarwal said adding, In this regard, DPIIT has prepared a discussion paper and these are some of the issues that are being considered.

The CII-Kearney report outlines supply-side policy interventions to drive retail growth. A National Retail Policy is needed to streamline approvals and compliance mechanisms, improve access to capital, enable technology led modernization, and bridge infrastructure gaps in retail and increase labour participation and productivity. These will bring back five to seven lakh retailers who have shut shop, back into business, generate 30 lakh more employment and drive 2 per cent incremental GDP growth.” – Subhendu Roy, Partner, Kearney

The CII-Kearney report details the critical areas that the cohesive model retail policy needs to pay attention to, across five building blocks such as:

Streamlining approvals and compliance mechanisms to improve ease of doing business; improving access to capital, especially for traditional retailers and smaller players; rapid adoption of technology and modernization by traditional retailers; bridging logistics and supply chain infrastructure gaps, and enhancing labour participation and productivity.

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