Amazon not doing India a favour by investing $1 billion: Piyush Goyal
His statements came at a time when Amazon CEO Jeff Bezos made a high-profile visit to India on January 15.
Jan 16, 2020 / 04:48 PM IST
Commerce Minister Piyush Goyal, on January 15, said that investors in e-commerce space should not try and look for loopholes in the existing framework of laws that regulate business in the country. He added that a probe into Amazon's activities has already been initiated and the company is not doing India any favours by investing $1 billion in the country.
"I have on more than one occasion, said this to the people of India and to all investors, that to please follow the letter of the law and the spirit of the law," Goyal said in a tweet. His statements came at a time when Amazon CEO Jeff Bezos made a high-profile visit to India on January 15.
He added that the government has permitted e-commerce entities to enter the country under the marketplace model, and as long as everyone follows the rules, they are welcome to conduct their business here.
The Commerce Minister's statements come at a time when the Competition Commission of India opened an investigation into Amazon's business practices, which came under the radar after several small traders complained about the e-commerce behemoth's excessive sway over the market. Other players like Walmart-owned Flipkart are also being investigated by the regulators in this regard.
During his India visit, Jeff Bezos announced his plan to invest $1 billion into digitising India's small and medium-sized business enterprises, with the company setting an aim of exporting $10 billion worth of goods from India.