Govt Closes Door For FDI In Retail e-commerce: Report

Following the consultations on the issue of allowing Foreign Direct Investment (FDI) in e-commerce, the government of India has decided to not ease foreign investment norms for electronic commerce, Business Standard reported.

Govt Closes Door For FDI In Retail e-commerce: Report
According to Business Standard report, Minister of State for Commerce and Industry Nirmala Sitharaman met executives of Flipkart and Snapdeal and representatives from the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci) to assess the impact of FDI on Indian e-commerce companies.

According to Business Standard source, the industry players were expecting Modi government softening its stand on allowing foreign retailers into India after the government allowed foreign retailers own 51 per cent stake in multi-brand retail in the country.

Besides, the government is also under pressure from Washington and Tokyo to relax its FDI policy for e-commerce, Business Standard reported.

Read more about: fdi
Story first published: Wednesday, June 10, 2015, 12:40 [IST]
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