The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper

    Piyush Goyal, Walmart CEO discuss local sourcing, Make in India


    The FDI rules for e-commerce do not allow foreign investment in the inventory-based model or multi-brand retailing.

    Commerce and industry Piyush Goyal
    NEW DELHI: Commerce and industry Piyush Goyal on Wednesday met Walmart International president and CEO Judith McKenna wherein the two discussed local sourcing and Make in India.

    “Minister @PiyushGoyal met President & CEO of Walmart International, Judith McKenna and discussed local sourcing and boosting sales of 'Made in India' products, which will benefit local businesses and the overall domestic market,” Goyal’s office tweeted.

    Walmart-owned Flipkart is one of the e-commerce majors besides Amazon to have been impacted by India’s prohibition of such firms with foreign direct investment from selling products via firms in which they have an equity interest, and making deals with sellers to sell exclusively on their platforms.

    In a meeting with e-commerce players a few weeks ago, Goyal had told Amazon and Flipkart to ensure compliance with the foreign investment rules and not find loopholes in the law as the government would not allow multi-brand retail trade by foreign ecommerce companies and that they could only be agnostic platforms.

    The FDI rules for e-commerce do not allow foreign investment in the inventory-based model or multi-brand retailing.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Also Read

    2 Comments on this Story

    Adam 514 days ago
    Past GOI Indian approach was disaster to promote Make in India Products and will again fail unless s India offers terms & conditions better than China, South East Asia and other emerging countries.
    There is no hope and no signs yet that government realises the urgency and need to remove restrictions that make India uncompetitive world wide.
    Advantage to India’s competitors and loss to India for GOI’s sluggish response to global changes..
    Money will flee India and India will be a looser unless GOI wakes up and accelerates reforms for india to competitive globally.
    Valerian Pereira514 days ago
    Like the Chinese did:
    Invite all the Global brands into india.
    and with Backward integration start manufacturing all those Products with Innovation..value addition..research in india for india and the world.
    The Economic Times