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No plan for FDI in multi-brand retail: Indian minister

18
Jun '19
Pic: PIB
Pic: PIB
India does not have any plan to allow foreign direct investment (FDI) in multi-brand retail now, nor does it wish to permit FDI in the inventory model of e-commerce, commerce and industry minister Piyush Goyal reportedly conveyed this crystal clear recently in his first key meeting with top executives of e-commerce and information technology companies.

The companies included Amazon, Flipkart, Google, Facebook, Microsoft, American Express, IBM, Dell, SAP, Paypal and VISA, according to a report in a top financial daily.

India now allows up to 100 per cent FDI in the marketplace model of e-commerce and prevents e-tailers from owning inventory of goods. Up to 100 per cent FDI is permitted in the inventory model only in the retailing (both online and offline) of locally-produced food products with prior government approval.

Several important issues, like the impact of anti-competitive practices in e-commerce, predatory pricing and other discriminatory practices and level-playing field for both domestic and foreign companies, were discussed.

The June 17 meeting also deliberated on other issues like understanding data flows from the aspects of privacy, security, safety and free choice; ownership and sharing of data; gains and costs of cross-border flow of data and means to monitor use of data, according to an official release.

India’s draft e-commerce policy bars the sharing of data with third parties, even with the consent of the customer. (DS)

Fibre2Fashion News Desk – India


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