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Indian Trader Group Says Minister Pledges Strict Foreign Investment Rules For E-Commerce
India s e-commerce retail market is seen growing to $200 billion a year by 2026, from $30 billion in 2019, the country s investment promotion agency Invest India estimates.
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An India trader group representing millions of brick-and-mortar retailers on Friday said it has received government assurances that stringent changes will be made to foreign investment rules for e-commerce, a move that could hit Amazon.com Inc.
Reuters exclusively reported this week India was considering revising the policy after complaints from traders who accuse Amazon and Walmart Inc s Flipkart of creating complex structures to bypass investment rules. The U.S. companies deny any wrongdoing.
FDI policy on e-commerce: Traders hopeful of Govt plugging loopholes soon
January 22, 2021
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Traders’ body CAIT meets Commerce & Industry Minister to press for further tightening of rules guiding foreign players Commerce and Industry Minister Piyush Goyal has assured traders that a fresh press note on Foreign Direct Investment (FDI) policy on e-commerce would soon be issued that would plug all “escape routes” of the existing press notes, Confederation of All India Traders (CAIT) has said in an official release.
The Minister informed a delegation from CAIT, which met him on Thursday, that a strenuous exercise was underway to bring a robust e-commerce policy. A fresh press note will be released soon, the statement added. Officials from both the Department of Policy for Investment and Internal Trade and the Ministry of Consumer Affairs attended the meeting, it said.
The body suggested that farmers should now call off the protest after fresh proposal of putting the farm laws implementation in abeyance for nearly 18 months by the Centre.
Farmers agitation has caused business loss of Rs 50,000 crore in Delhi-NCR: CAIT
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Last Updated: Jan 21, 2021, 07:00 PM IST
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Synopsis
If farmers still do not accept the proposal of the government, it will be construed that they are not interested in solution but certain divisive forces are more willing to create problems, Praveen Khandelwal said.
Khandelwal appealed to the government that traders should also be given representation in proposed joint committee.
New Delhi: Traders body CAIT on Thursday said the ongoing farmers agitation in Delhi-NCR has caused a business loss of nearly Rs 50,000 crore. Confederation of All India Traders (CAIT) Secretary-General Praveen Khandelwal said the government s fresh proposal to keep farm laws in abeyance for one-and-a-half year and constitute a joint committee with farmer leaders is quite justified and reasonable which indicates its willingness to resolve the crisis .
Common director in Frontizo, Amazon Retail India; but firm in question is different, Amazon tells Karnataka HC
The entity which is the subject matter of investigation over violation of India s Competition Act is Amazon Seller Services India. January 21, 2021 / 08:31 PM IST
E-commerce major Amazon on January 21 said that there was a common director in Frontizo and Amazon Retail India, albeit adding that Amazon Retail India wasn t the marketplace in question during a hearing in the Karnataka High Court, CNBC-TV 18 reported.
The entity which is the subject matter of investigation over violation of India s Competition Act is Amazon Seller Services India.
Frontizo is a holding company of Appario Retail while Amazon Retail India sells retail foodstuffs made in India.