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No change in FDI policy for e-commerce sector: Union Minister Piyush Goyal

Foreign e-commerce companies like Amazon and Walmart-owned Flipkart will have to follow the law of the country, the minister said.

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Piyush Goyal addresses a press conference on initiatives pertaining to the Ministry of Commerce and Industry (ANI Photo)
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The central government will not change the existing FDI policy for the e-commerce sector, Union Commerce Minister Piyush Goyal informed on Friday.

The minister said the current policy is crystal clear and the government's biggest priority is to protect the interests of 130 crore consumers of the country. 

"We believe that our most important stakeholder is the consumer and we wanted to make sure that consumer protection prevails over everything else. E-commerce policy will not be changed for FDI. Will soon clarify on provisions of FDI in e-commerce not being followed. We believe that our most important stakeholder is the consumer and we wanted to make sure that consumer protection prevails over everything else," he said.

Foreign e-commerce companies like Amazon and Walmart-owned Flipkart will have to follow the law of the country, he added.

Goyal said that several complaints have been received by the ministry about foreign e-commerce companies not following the rules. 

"We will also come out with the e-commerce policy and whatever clarifications... Certain instances have come to our notice where the policy is not being followed in letter and spirit, we will obviously be clarifying that very shortly," he added. 

The minister also informed that India has set a target of USD 400 billion merchandise exports for 2021-22.

He said India's economy is growing and exports are also growing.

"India recorded the highest ever exports in the first quarter of April-June 2021. The highest ever merchandise export in a quarter of USD 95 billion has been achieved from April to June despite the severity of the second wave of COVID-19," he said.

"Despite COVID-19, we have achieved the highest ever FDI inflow of USD 81.72 billion in 2020-21. FDI inflow of USD 6.24 billion in April 2021 is 38 per cent higher than in April 2020," he added.

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