DIPP Secy bats for foreign investment in e-commerce

New Delhi, May 23 (KNN) Days before the Modi government of the BJP led NDA gets sworn in, Secretary, Department of Industrial Policy and Promotion (DIPP), Amitabh Kant has batted for foreign investment in the e-commerce space even though a section of the domestic brick and mortar retailers are opposed to the idea. 
“I just had a meeting and I was pleasantly surprised that each one of the e-commerce players want the sector to be opened up. These are young players and all of them are wanting to grow and expand, however they are facing a huge problem of liquidity. They want to expand in a far bigger way, they want increased amount of FDI flows or more investments into their projects. We need to just open up e-commerce fully,” Kant told TV 18 in an interview.
“The world has moved the e-commerce way everywhere, why shouldn’t India do that, why should India remain behind in this sector? There is no logic at all. Everybody is doing e-commerce all across the world. The whole world has grown on e-commerce and you want to keep India backward,” he said adding, “The process of consultation is over…we will put this up before the new government. It is for the new government to take a call.”

Earlier this month, DIPP had called a meeting with the stakeholders and industry bodies to ascertain their views on the issue of FDI in e-commerce.



