“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.
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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.