Union Minister of Commerce and Industry Piyush Goyal on Wednesday said consultations with stakeholders are afoot for the formulation of a National Retail Trade Policy.

In March, the minister had said that the Centre proposes to have a National Retail Trade Policy to create a conducive environment for retail trade, including by simplifying rules and regulations hindering the growth of the retail sector.

In a written reply to a question in Rajya Sabha on Wednesday, Goyal said: "The government proposes to formulate National Retail Trade Policy. Stakeholder consultations are being held."

Regarding support towards the retail sector, the minister said that the Centre has set up a National Traders' Welfare Board with the objectives of welfare of traders and their employees, simplification of the acts and rules applicable to traders, reduction of compliance burden and improvement in access to funds for traders.

Retail has been one of the worst hit sectors amid the pandemic and the lockdown, with several businesses and jobs at stake.