Amazon not doing any favour by investing $1 bn dollar: Piyush Goyal
By MYBRANDBOOK
With Jeff Bezos announcing a fresh USD 1 billion investment in India, Union Commerce and Industry Minister Piyush Goyal is quick to point out that Amazon is not doing any favor to the country by that.
He questioned how can a marketplace make such a big loss unless they are indulging in "predatory pricing or some unfair trade practices". Goyal has said that e-commerce companies have to follow Indian rules in letter and spirit and not find loopholes to make a back-door entry into multi-brand retail segment.
India does not allow foreign investment beyond 49 per cent in multi-brand retailing and has not yet approved any application of overseas retailers.
The minister is amazed why an e-commerce marketplace model, where a firm provides an IT platform for buyers and sellers, incurring huge losses, adding that it needs to be looked upon.
Goyal has added that in this model buyers and sellers are free to trade, but the marketplace player cannot own the inventory or they cannot determine prices.
He has also said that India has strict rules for FDI in multi-brand retail trading and anybody who tries to use the e-commerce marketplace model to get into the multi-brand retail space surreptitiously will have to be questioned and investigated.
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