Though responsive to concerns by businesses, India needs to do more to attract investment into sectors like e-commerce, according to the UK India Business Council (UKIBC), whose chief executive officer Richard Heald recently said the e-commerce sector has tremendous potential, especially for the smaller businesses, which get a platform to sell their products.
"I am a great fan of e-commerce and I think that e-commerce is misunderstood to a certain extent and it benefits the general public and those people who operate within the supply chain in ways that are not popularly understood," Heald said.Though responsive to concerns by businesses, India needs to do more to attract investment into sectors like e-commerce, according to the UK India Business Council, whose chief executive officer Richard Heald recently said the e-commerce sector has tremendous potential, especially for the smaller businesses, which get a platform to sell their products.#
"Encouraging investments into India is important, encouraging the e-commerce sector is important because it benefits small businesses disproportionately to large businesses," he said, adding that British businesses may not be ‘startled’ at the posturing.
India represents a large opportunity for the British businesses and even a slower 4.8 per cent gross domestic product growth is much faster than what the United Kingdom or Europe is witnessing, Heald was quoted as saying by a news agency.
Welcoming the cut in corporate taxes in India, Heald advocated a relaxation in fiscal deficit targets in the upcoming Budget and added that the UKIBC will keenly watch the narrative on growth being set by the Indian government and look for specific measures on rural poverty alleviation and infrastructure spends.
Commercial success is the most important aspect for a business when it makes a call to investment and not other ‘optics’, he reasoned.
Fibre2Fashion News Desk (DS)
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