03 January 2023, Mumbai
Indian retail will soon have a single window clearance to acquire all registrations, licences or clearances for trade.
There may be a single license for a retail store and a general category of license for selling over the counter items for retailers without the requirement of employing qualified professionals.The aim is improvement in the ease of doing business in the retail sector. One of the proposals is an accident insurance scheme for traders and traders’welfare boards at the national, state and district levels.
The policy is not intended for e-commerce, direct selling, multi-level marketing or street vendors and the aim is to provide a national common framework for the development of the retail sector across the country. As per the draft policy, efforts will be made to replace licenses with a simple registering process and pan-India acceptance of a license issued by one state will be encouraged. Wholesale distribution markets may be treated at par with industrial areas or parks.
India’s retail industry is projected to grow nine per cent through 2030. Retail accounts for over ten per cent of the country’s gross domestic product and around eight per cent of employment. India is the world’s fifth largest global destination in the retail space.
