The e-commerce policy in India is set to include updated Foreign Direct Investment(FDI) regulations. The Department for Promotion of Industry and Internal Trade (DPIIT) will organise a meeting with the stakeholders including firms which opposed stringent FDI norms which came into effect from February 1.
The centre rejected the demands to extend the deadline. DPIIT will now be responsible for the promotion of internal trade which includes both retail trade as well as the welfare of traders and their employees.
As per a senior government official, ‘’With the department managing both retail and e-commerce trade, there is no requirement of another agency.’’
The stringent FDI rules will bring in more clauses to rectify any loopholes which may be used by online channels to captivate multi-brand retail.
The government witnessed fierce opposition for not extending the deadline from e-commerce giants including Amazon and Walmart and also from bodies such as the American Chamber of Commerce in India, Internet and Mobile Association of India as well as the US-India Strategic Partnership Forum.
