India needs a national trade policy to help retailers compete globally, Law and Telecom Minister Kapil Sibal said at an event of retailers, organised by the Confederation of All India Traders (CAIT).
India needs a national trade policy to help retailers compete globally, Law and Telecom Minister Kapil Sibal said at an event of retailers, organised by the Confederation of All India Traders (CAIT).
"A national trade policy, which should facilitate credit, infrastructure and modernisation to help traders compete at international level, is a must," he said.
The Minister also said he would request all political parties to include this in their manifestos.
His comments came a day after BJP’s Prime Ministerial candidate Narendra Modi asked the trading community not to run away from global challenges but adapt itself to modern practices like tying up with bigger stores and online trading.
The government wanted traders to compete and expand to the global level for which they need infrastructure and facility as available abroad, Sibal said.
"The biggest problem among traders is of credit. We want traders to compete at global level. Globally credit is given at 1 per cent; here you get at 12-14 per cent. You don't have world class infrastructure and facilities. So, how will you compete?" he asked.
The Minister spoke in favour of FDI- an issue vehemently opposed by CAIT-- saying that it helps traders to grow scale of business, like the way it happened in the automobile sector.
"I want to modernise the trading sector. If someone abroad wants to buy your product online then you will only gain. When business will show standard and price, then a person will compare, trust and buy products. Then people will invest as well. We will have to adopt this thought," he said.
Addressing traders yesterday, Modi did not refer to foreign direct investment (FDI) in retail, which his party is strongly opposed to.
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