FOREIGN TRADE BE GIVEN TO MINISTRY OF EXTERNAL AFFAIRS
In a communication sent to Prime Minister Shri Narendra Modi, the Confederation of All India Traders (CAIT) has called for integration of domestic trade as a booster to economy and has also urged to form a separate Ministry of Internal Trade for monitoring domestic trade. The CAIT has also opined that foreign trade may be put under domain of Ministry of External Affairs. Currently, it is being regulated by Ministry of Commerce.
In its communication to PM, the CAIT has aid that although domestic trade is largest contributor of nation economy while contributing nearly 45% national GDP and largest employment generating sector after Agriculture with more than 5.77 crore business enterprises conducting business activities in domestic trade, yet it is fragmented and dis-integrated. India can attain double digit growth if support policies are carved out for domestic trade.
Different verticals of domestic trade including brick & mortar shops, e-commerce, direct selling, Wholesale Cash & Carry Stores and big retail needs to be integrated in a manner that one vertical should not encroach upon domain of other vertical and for regulating the integrated model, a separate Ministry of Internal Trade may be formed to monitor this sector -said CAIT.
It further said that existing retail sector may be upgraded under Digital India program while skills of entrepreneurs may be enriched under Skill India through workshops, small manufacturers be prompted to embrace technology under Make in India and down the line financial inclusion of this sector may be attain under Pradhanmantri Mudra Yojna in partnership with Trade Federations & Associations across Country. The CAIT has also suggested to launch a cashless economy drive among domestic trade since most of the transactions in domestic trade are conducted on cash basis for different reasons.
The CAIT has also said that various countries have recognized that reducing domestic trade impediments can enhance productivity, reduce cost for business and contribute to political stability and as such greater focus on domestic trade will lead to much faster growth in economy and will achieve a distinct balance of legislative, judicial and institutional features.