Committee setup to examine FDI issues in e-comm: Piyush Goyal

Economy


New Delhi: The government has set up a committee to examine issues related to foreign direct investment (FDI) in e-commerce and give its suggestions, commerce and industry minister Piyush Goyal has said.

“A committee has been constituted on July 12 under Additional Secretary, Department for Promotion of Industry and Internal Trade with members from the Department of Commerce, Department of Consumer Affairs, Department of Legal Affairs and Ministry of MSME to examine issues related to FDI in e-commerce and give its suggestions,” he told Lok Sabha in a written reply on Wednesday.

A draft national e-commerce policy covering various areas of e-commerce, has been prepared and placed for comments in public domain. The Government has also introduced National Policy on Electronics (NPE) and National Policy on Software Products (NPSP) in 2019 for the growing digital economy.

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Retail FDI

In a separate reply, Goyal also said that no foreign direct investment (FDI) application in single brand retail trade has been granted waiver from local sourcing norms on the basis of ‘state-of-art’ or ‘cutting-edge’ technology till now.

India allows FDI upto 100% under automatic route and 112 brands have obtained approval of government from 2006 till March 29, 2018. From April, 2006 to April, 2019, the single brand retail sector has received total FDI equity of $1.6 billion.

The government in Budget proposed that local sourcing norms will be eased for foreign investment in single brand retail where 100% FDI is permitted with a 30% mandatory local sourcing clause.

A committee under the chairmanship of Secretary, Department for Promotion of Industry and Internal Trade, with representatives from NITI Aayog, concerned administrative ministry and independent technical experts on the subject examines the claim of applicants on the issue of the products being in the nature of ‘state-of-art’ and ‘cutting-edge’ technology where local sourcing is not possible and gives recommendations for such relaxation.

“However, no FDI application has been granted waiver from local sourcing norms on the basis of ‘state-of-art’ or ‘cutting-edge’ technology till now,” Goyal said.



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