Budget 2013: FICCI seeks formulation of retail policy

NEW DELHI: The Federation of Indian Chambers of Commerce and Industry ( FICCI) has suggested that Budget 2013 should also promulgate retail policy.

In a statement FICCI said, "a retail policy should be considered for promulgation by the Government which will help modern retailing grow from strength to strength in India."

"An empowered committee under the Ministry may guide and supervise implementation of the Retail Policy and take appropriate decisions," FICCI said.

FICCI also recommended that industry status should be given to the retail sector.

FICCI sought to incentivise states for a model Shops and Establishment Act through amendment in various provisions of the Act.

In its pre-budget suggestions FICCI also asked the govt to review stock limits under Essential Commodities Act and make provisions for uniform legislation allowing shops to operate 365 days and extended hours.