Traders' body CAIT today urged the government for formation of a separate ministry to monitor domestic trade and suggested that foreign trade may be put under the domain of Ministry of External Affairs.
"...Although domestic trade is largest contributor of nation economy contributing nearly 45 per cent 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," CAIT said in a statement.
India can attain double digit growth if support policies are carved out for domestic trade, Confederation of All India Traders (CAIT) said.
"Different verticals of domestic trade, including brick and mortar shops, e-commerce, direct selling, wholesale cash and 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," it said.
It also said that "foreign trade may be put under the domain of External Affairs Ministry."
The body further said existing retail sector may be upgraded under 'Digital India' programme while skills of entrepreneurs may be enriched under 'Skill India' through workshops, and small manufacturers be prompted under 'Make in India' initiative to embrace technology.
It 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.
