NTWB Charts Future of India's Retail Sector: Embracing Local, Digital, and GST Reforms

The National Traders' Welfare Board (NTWB) held its 8th meeting to discuss initiatives enhancing India's retail trade. Led by Chairperson Sunil J. Singhi, the meeting covered GST reforms, the 'Vocal for Local' initiative, and digital transformation strategies to foster a better business environment for traders.

The National Traders' Welfare Board (NTWB) convened its 8th meeting at Vanijya Bhawan, New Delhi, focusing on strengthening India's retail trade sector. Chairperson Sunil J. Singhi led discussions with representatives from trade associations, States, Union Territories, and ex-officio members from nine Union Ministries.

Joint Secretary of the Department for Promotion of Industry and Internal Trade, Sanjiv, underscored the retail trade's significance in the Indian economy. He emphasized the need to raise awareness of NTWB's initiatives, such as virtual interactive sessions, reflecting the Board's effective strategic planning. Singhi announced the forwarding of trade bodies' representations to relevant Ministries and called for suggestions to enhance outreach for trader welfare schemes.

Singhi presented upcoming Goods and Services Tax (GST) reforms, highlighting their favorable impact on traders and consumers. He lauded the 'GST Bachat Utsav' as a sign of the trading community's endorsement of GST changes under Prime Minister Narendra Modi. The meeting marked a commitment to reducing compliance burdens and improving infrastructure for a conducive business environment.

The board also focused on promoting the 'Vocal for Local' initiative, supporting indigenous industries. Plans are underway for the 'Swadeshi Sankalp Daud' campaign, encouraging national adoption of local production and consumption values. Singhi advocated for digital transformation, urging small traders to utilize platforms like the Open Network for Digital Commerce to enhance market access.

Future policies will prioritize trader welfare, involving capacity building, financial support, market linkages, and transparent grievance mechanisms to bolster the retail sector's growth.

(With inputs from agencies.)