“A national trade policy, which should facilitate credit, infrastructure and modernization to help traders compete at international level is a must," he said. (Agencies)
Sibal said he would request all political parties to include this in their manifestos.
The Communications and IT Minister’s 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 at an event of retailers, organized by the Confederation of All India Traders (CAIT).
"The biggest problem among traders is of credit. We want traders to compete at global level. Globally credit is given at one percent, here you get at 12-14 percent. You don't have world class infrastructure and facilities. So, how will you compete?" he asked.
Sibal also spoke in favour of FDI, which is 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.
"When we changed our policy on automobiles, at that time we had only two cars, FIAT and Hindustan, there were concerns about these two companies. Then we brought Maruti and today we make cars here. Indian automobile components makers are supplying to global car companies abroad. We have to adopt a similar thought. I am in favour of FDI," Sibal said.
"I want to modernize 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.
“A national trade policy, which should facilitate credit, infrastructure and modernization to help traders compete at international level is a must," he said.