Piyush Goyal said that he welcomes foreign e-commerce companies in India but they should work in the true spirit of the law and should not act as a principal player in the market.
Minister of Commerce and Industry, Piyush Goyal underlined that small retail business in India directly affect the lives of almost half of the population and therefore, India will protect them. Talking in the World Economic Forum held in India, he reiterated that the government cannot let the small retail businesses die and that is the reason why the government has maintained its stand to restrict the FDI in multibrand retail to 49 per cent. Piyush Goyal said that he welcomes foreign e-commerce companies in India but they should work in the true spirit of the law and should not act as a principal player in the market.
Citing the example of the US, the minister said that the regulations are changing worldwide and if the US will find its agriculture sector performing bad, the country will take steps to protect it and that is natural. The government has announced a few bold measures in the recent past, which are aimed at giving thrust to the domestic economy.
Speaking about the relationship with the US, Piyush Goyal said that the relations between the Indian Government and the United States Government, at the leaders level and at the people to people level are better than ever before. “Trade has to consider the past, the present, the future, the political dynamics, local issues, long term issues, bilateral and multilateral commitments. It’s a very complex story and in that complexity, India and the USA are having an absolutely wonderful engagement,” he added.
— Piyush Goyal (@PiyushGoyal) October 3, 2019
Over time, the US has been complaining about its trade deficit with India and also pointing out many unfair trade practices and protectionism of India. However, in the WEF, the representatives of the commerce ministry of both countries said that the relation between India and the US is good and there is a huge scope ahead.
“Neither government said there would be a trade deal in five minutes and we do think there’s no structural issue why there can’t be one very quickly,” said Wilbur L. Ross, Secretary of Commerce, USA. Highlighting the growth rates of trade between India and the US, Piyush Goyal said, “The torrid times in our relations could also be something like a torrid love affair,”