New Delhi, March 4 (IANS): Commerce Minister Piyush Goyal on Wednesday said that the National Retail Trade Policy is currently under formulation.

In a written reply in the Lok Sabha, the Minister said that the policy would create a conducive environment for retail trade along with simplifying the regulations.

He, however, noted that as the policy is under formulation, the government would not be able to give a timeline for its implementation.

Replying to a question whether the government proposes to have a retail policy, Goyal said: "The government proposes to have a National Retail Trade Policy to create conducive environment for retail trade including by simplifying rules and regulations hindering the growth of retail sector."

"As the National Retail Trade Policy is under formulation after which implementation will happen, it is not possible to give timeline for implementation," he added.

The much anticipated retail policy has been on the anvil for some time now. Views of the state governments are also likely to be sought and considered while framing the policy.

Last year, the subject of domestic or internal trade was shifted to the Department for Promotion of Industry and Internal Trade (DPIIT), under the Commerce Ministry from the Consumer Affairs Ministry, which was earlier the nodal agency for regulating the sector.