STOCK MARKET BSE NSE

‘Clarity on FDI in e-commerce soon’: Union Minister Piyush Goyal

The development comes in the backdrop of various complaints by domestic traders’ body like CAIT against e-commerce giants such as Amazon, Flipkart and others. 

Published: 03rd July 2021 04:12 AM  |   Last Updated: 03rd July 2021 09:28 AM   |  A+A-

Union Railways Minister Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal (File Photo | PTI)

By Express News Service

NEW DELHI: Commerce Minister Piyush Goyal on Friday said that the government will soon issue a “clarification” on foreign direct investment (FDI) in e-commerce, as e-commerce giants have been flouting the policy.

“The FDI policy has been crystal clear ever since it first came up, but certain instances have come to our notice that the policy is not being followed in letter and spirit. We will be clarifying that very shortly,” commerce and industry minister said in a virtual briefing.

The development comes in the backdrop of various complaints by domestic traders’ body like CAIT against e-commerce giants such as Amazon, Flipkart and others. 

Local traders allege that the e-tailers have been flouting the FDI norms by promoting preferential sellers, influencing product prices by the means of deep discounts, and through various anti-competitive practices.

They have been constantly asking the government to take action against e-commerce operators.

Last month, the consumer affairs ministry proposed changes in the consumer protection rules to safeguard the interests of consumers and also make e-commerce companies more accountable and responsible.

While e-commerce companies opposed the changes, the ministry have sought comments from relevant stakeholders by July 6.

“We believe that our most important stakeholder is the consumer and we wanted to make sure that consumer protection prevails over everything else. 

By announcing the e-commerce policy for consumer protection, we have demonstrated that our first and foremost concern is the consumer, 1.3 billion Indians are our first and foremost priority,” Goyal said.

In the past, the DPIIT had had also asked online retailers for better enforcement of these rules. However, retail traders claim that these companies have still managed to openly flout these norms.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp