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e commerce industry

Jan 19, 2020, 10.08 AM IST

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E COMMERCE INDUSTRY

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  • Housing ministry launched an e-commerce platform to facilitate homebuyers in identifying genuine properties.

    The Directorate General of Trade Remedies is an investigation arm of the ministry which deals with anti-dumping duty, safeguard duty, and countervailing duty. These duties are trade remedy measures, provided under an agreement of the World Trade Organisation to its member countries. They are used to provide a level playing field to domestic industry.

    Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow.

    The Commerce and Industry Ministry in its Budget recommendations to the Finance Ministry has proposed rationalisation of basic customs or import duty on over 300 items from different sectors, including furniture, chemicals, rubber, coated paper and paper boards.

    Norov said that e-commerce provides opportunities for companies to expand their markets, scale up their businesses, reduce transaction cost through economies of scale and more efficient use of capital, as well as to create new jobs.

    "PNB, the anchor bank, has appointed E&Y as advisor for harmonisation of capital norms, precisely net worth of the three banks as on March 31, 2020," United Bank of India's MD and CEO Ashok Pradhan said. At present, the consulting firm is looking at the balance sheets of the three banks and their audited reports of the second quarter of the current financial year, he added.

    Speaking at an industry interaction, ‘Enhancing Indian Industry’s Engagement with SCO’organised by FICCI, Norov said, “The time has come for purposeful and active action for development of e-commerce in our countries.” Norov is on five day visit to India to host series of meetings besides participating in Raisina Dialogue.

    The move by the brands is an effort to reach a wider consumer base, which is not possible by being available on a single e-commerce platform. For instance, German sportswear maker Adidas, which had an exclusive tie-up with Flipkart and Myntra, has started selling on Amazon India.

    German sportswear maker Adidas, which had an exclusive tie-up with Flipkart and Myntra, has started selling on Amazon India. British retailer Marks & Spencer, which went online in India through Flipkart Group, has now moved to Amazon and Ajio as well.

    "We are not against e-commerce and (are) rather of the considered opinion that e-commerce is a rapidly growing future mode of business and have undertaken a task to align the trading community with e-commerce by creating individual e-store of every trader in the country," Khandelwal said.

    Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow. A key driver for this has been the phased relaxation of rules by RBI—most recently last Friday —on one-time passwords.

    Bringing an end to exhausting, chronic pains and fatigue caused by lack of sleep, two former Airbus employees have created a comfort kit- napEazy which lets you rest both your head and upper body in variety of sleeping positions.

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