The Confederation of All India Traders (CAIT) has requested commerce and industry minister Suresh Prabhu to pay immediate attention to ‘pressure tactics’ by a few global e commerce players demanding changes to the foreign direct investment (FDI) policy on e-commerce, a clarification on which was issued by the Department of Industrial Policy and Promotion (DIPP) recently.

The ‘vested interest campaign’ by those players demanding deferment, extension, amendment or changes in the FDI policy on e-commerce along with a threat to exit India is quite unreasonable, uncalled for, arbitrary, CAIT said in a statement.

CAIT, a representative body of 70 million small Indian businesses, is strongly opposed to such attitude of and pressure by e commerce players in collaboration with a few US-and India-based industry bodies and organisations, it said.

The traders’ body suggested setting up of an independent regulatory authority for e-commerce with powers to take action against the guilty, framing an independent e-commerce policy and making it mandatory for e commerce players to obtain a compliance certificate for every financial year for complying with the norms of the policy. (DS)

Fibre2Fashion News Desk – India

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