Piyush Goyal Says on Jeff Bezos’s One Billion Dollar Investment: A day after the world’s richest man Jeff Bezos announced a billion-dollar (Rs 7,000 crore) investment in India, Union Commerce, and Industry Minister Piyush Goyal said his company Amazon was not doing any favors by investing in the country. He questioned how the online company can take such a huge loss by reducing prices.
During the Raisina Dialogue on Thursday, Goyal said that e-commerce companies have to fully comply with Indian regulations and they should not look for opportunities to enter the multi-brand retail market with the help of system loopholes. India does not allow more than 49 percent foreign investment in the multi-brand retail market and no foreign retail company has been approved for it yet.
They said that they (Amazon) can invest billions of dollars, but if they lose billions of dollars every year, they will easily get billions of dollars. Therefore, they are not doing India a favor by investing billions of dollars.
CAIT will build an e-store for businessmen
Business organization CAIT said that it has completed the pilot project of creating individual e-stores for traders in Madhya Pradesh and it will be rolled out nationally soon. All India Merchants Federation (CAIT) General Secretary Pravin Khandelwal said that his organization is against companies that are violating the government’s FDI policy for their own benefit. He said that we are not against e-commerce and are trying to mold the business community to e-commerce by creating individual e-stores for every businessman of the country.
The government will not ban imports from Malaysia, Turkey
Concerned over the growing trade tensions with India, Malaysia and Turkey have given the government confidence not to stop imports. Union Commerce Minister Piyush Goyal said that the government has no intention of banning imports from Malaysia or Turkey. India believes in giving fair opportunities to all countries.
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