Centre Establishes Trading Board for Easy Trade

NEW DELHI: The Narendra Modi-led BJP government at the Centre has taken a significant step toward improving the ease of trading by establishing a board dedicated to framing policies that benefit traders and their employees, as announced by the Ministry of Commerce and Industry. This newly formed board, known as the National Trader's Welfare Board, will play a crucial role in simplifying laws applicable to traders and resolving issues related to their interpretation.

Although the notification for the establishment of the board was issued in 2019, the COVID-19 pandemic caused a delay in its constitution. However, the government has now appointed Sunil Singhi, a former member of the National Minority Commission, as the first chairman of the board. Singhi brings valuable experience to the position, having previously chaired the Shramyogi Welfare Board of Gujarat for nearly five years.

The primary objective of the Trader's Welfare Board is to engage with traders on a regular basis and provide suggestions to the government on reducing the burden of unnecessary compliance. The board aims to simplify existing systems and create new ones that will facilitate easier access to funds for traders. Additionally, it will focus on implementing insurance, pension, and healthcare benefits more effectively for both business owners and their employees.

One of the key functions of the board is to act as a communication channel between traders, especially those associated with the unorganized sector, and the government. By addressing the concerns and issues faced by these traders, the board will ensure their interests are properly represented and advocated for at the government level.

To ensure an inclusive approach, the government has given representation on the board to various trade bodies and officers from all departments related to traders. This step was taken in response to demands from business organizations to simplify procedures and introduce beneficial schemes that cater to their needs.

In conclusion, the establishment of the National Trader's Welfare Board by the Narendra Modi government marks a significant milestone in improving the ease of trading in India. The board's focus on simplifying laws, reducing compliance burdens, and advocating for the welfare of traders and their employees reflects the government's commitment to supporting the business community. By fostering effective communication channels and adopting an inclusive approach, the board aims to create a conducive environment for traders, facilitate access to funds, and enhance the implementation of essential benefits such as insurance, pensions, and healthcare.

ALSO READ: Ukraine Says Its ‘Biggest Blow’ Yet to Come; Russia Steps Up Attacks

ALSO WATCH: