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Government likely to announce retail policy and accident insurance scheme soon



Binai Sinha illustration

The government is expected to announce a national retail policy and an accident insurance scheme soon to support local GST-registered merchants, the official said.

The official said the proposed policy would help improve infrastructure and increase credit for traders.

It may include provisions related to providing easy and quick access to affordable credit, promoting the modernization and digitization of retail; modern infrastructure to support such entities as a distribution network; promoting skills development and productivity, and providing an effective consultation and grievance mechanism.

India is the fifth largest retail destination in the world. The Department of Trade and Industry is also working with the Department of Financial Services to create an insurance scheme for all retailers registered with the GST system.

“The government is trying to make policy changes not only in the field of e-commerce, but also introducing a national retail policy for physical traders, which will provide ease of doing business, provide better infrastructure facilities, provide more loans and all kinds of benefits for individuals. traders,” the official added.

Under the proposed policy, in addition to a centralized and computerized inspection management system, a one-stop shop for traders could be developed.

Commenting on the developments, the Confederation of All India Traders (CAIT) said that the retail policy will certainly help the sector expand its business as it will have certain parameters and frameworks within which to retail.

Retail is the only vertical of the economy that does not yet have a policy, said CAIT Secretary General Praveen Khandelwal.

“Similarly, providing an insurance program to traders will be recognition of their excellent contribution to the national treasury,” he said.

(Only the title and image of this report may have been remastered by Business Standard staff; the rest of the content is automatically generated from the syndicated feed.)

First published: 23 Apr 2023 | 13:12 IS

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Bed Bath & Beyond Bankruptcy Files



“The appeal of owning Willy Wonka’s golden ticket — or the blue ticket — is gone,” Dancy said.

When Mr. Dancy called him on the Sunday after the bankruptcy news, he was getting ready to go to the store that same day with his husband and lots of coupons to buy sheets, a robot vacuum cleaner, a deep fryer, and everything else that slipped out of his hands.

“I just don’t want to go there and lose two grand, but I probably will,” Mr. Dancy said.

In August, the company announced an aggressive restructuring plan, saying it would close 150 stores and lay off more employees. Just days after the restructuring was announced, the retailer was hit by an emotional turmoil when its chief financial officer, Gustavo Arnal, passed away. Arnal’s death was ruled a suicide, according to the New York City Medical Examiner’s Office.

Suppliers of Bed Bath & Beyond got scared and demanded upfront payment. Sue Gove, who became permanent chief executive in October, said this resulted in inventory levels nearing 70 percent last holiday season.

The company avoided bankruptcy in early February after it came up with a plan to use a public offering of shares to raise more than $1 billion. The plan, backed by Hudson Bay Capital Management, was only good as long as Bed Bath & Beyond stock stayed above $1 a share. This month, Bed Bath & Beyond canceled that deal after its terms were violated. Its shares closed at 29 cents a share on Friday.

Meanwhile, sales continued to fall, robbing the company of the cash and confidence it needed to have suppliers deliver goods to its stores.

“It’s a death spiral,” said Neil Saunders, managing director of GlobalData’s retail division. “If you can’t get shares, you can’t sell. If you cannot make sales, your credit deteriorates. If your credit deteriorates, people are less willing to supply you. It seems that this circle cannot be broken.

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