Not against e-commerce, want them fair and honest, Piyush Goyal clarifies after accusing Amazon of predatory pricing

Piyush Goyal said that the government wants to invite FDI, but also maintain fair competition between online and offline platforms

Published on: Aug 22, 2024, 18:18:22 IST

By HT News Desk

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The government is not against e-commerce and only wants fair competition between online and offline businesses, Union Minister of Commerce and Industry Piyush Goyal said on Thursday, August 22, 2024, after having accused Amazon of predatory pricing a day earlier.

Union Commerce and Industry Minister Piyush Goyal

“We are very clear that we want to invite FDI (foreign direct investment), we want to invite technology, we want to have the best of the world, and we are not against online at all," Goyal said at an industry event in Mumbai. "Online e-commerce has tremendous benefits. It has the benefit of convenience, speed, it gives you comfort in your homes, many benefits.”

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However, this comes after he said on Wednesday that the e-commerce sector’s rapid growth is more of a matter of “concern,” rather than pride, as it can lead to employment loss in traditional retail businesses since e-commerce is eating into the market share of small retailers by offering high-margin products like consumer electronics and apparel at discounted rates.

What was Piyush Goyal's criticism on Amazon?

Goyal criticised the investment strategies e-commerce giants like Amazon use, suggesting that the losses they face due to large payments to professionals and top lawyers get balanced out by new investments.

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India's e-commerce sector is projected to grow at a compound annual growth rate (CAGR) of 27% from 2018 to 2030, according to Pahle India Foundation's 'Net Impact of E-Commerce on Employment and Consumer Welfare in India' report.

E-commerce also generated 16 million jobs, according to the report.

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HT News Desk
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