A day after lashing out against e-commerce giant Amazon for suspected predatory pricing practices, Commerce & Industry Minister Piyush Goyal said that the government was not against e-commerce or FDI but that there had to be fair play and honesty towards consumers, suppliers, and local businesses.
“We are very clear that we want to invite FDI, we want to invite technology. We are not against online at all…What the government desires is fair play and honesty for the customer (and) to the supplier of goods and services. And to ensure that our people also have a fair chance to compete against such online businesse,” Goyal said on Thursday at an event in Mumbai.
The Minister further said that e-commerce has tremendous benefits. “It has the benefit of convenience, it has the benefit of speed. It is giving you comfort in your home,” he said
On Wednesday, Goyal had voiced concerns about predatory pricing by e-commerce firms, naming Amazon. He said that the 100 million small retailers across the country needed to be protected against social disruption. Goyal proposed a dispassionate and data-driven analysis of the broader implications of e-commerce.
India is currently the fourth-largest retail market in the world. In 2023, its retail market size was estimated at $820-840 billion, while the e-commerce business was estimated at $60-70 billion. In 2027, India’s retail market and e-commerce are projected to touch $1.1 trillion and $300 billion, respectively.