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Manufacturers urge govt to permit FDI in e-retailing
05
Aug '15
Demands are rising from different industry sectors for opening up the economy. Three associations from textiles, MSME and gems and jewelry sector have asked now the government to permit foreign direct investment (FDI) in e-retailing.

In a letter to commerce and industry minister Nirmala Sitharaman, the Textile Association of India, All India MSME Association and Gem and Jewelry Trade Council have urged her to review the policy of opening the business-to-consumer (B2C) e-commerce sector to FDI.

"Opening the B2C model will enable manufacturers to sell directly to e-commerce companies who can then use their own inventory and supply chain to sell it directly to the consumers," Textile Association of India said in a statement.

Currently, 100 per cent FDI is permitted for B2B e-commerce but it is prohibited in B2C.

E-commerce is emerging as a strong channel driving consumption and growth in the country, it said adding that the platform has enabled manufacturers to access wider distribution and marketing channels at much lesser prices.

"They are now able to access a wider national and even global market at the click of a button. This will also give the manufacturers access to a reliable and faster supply chain for the delivery of their products," the statement said.

TAI national president Arvind Sinha said that the government should open e-commerce to FDI to enable growth of manufacturing.

"The e-commerce platform has enabled many small jewelry designers and manufacturers to scale quickly; and over the next few years, the online jewelry space is estimated to grow by 60-70 per cent annually," Gem and Jewelry Trade Council of India president Shantibhai Patel said. (SH)

 

Fibre2Fashion News Desk – India

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