Amazon, Flipkart want the draft e-commerce policy scrapped
.jpg)
New Delhi/Bengaluru: India’s largest e-commerce firms Amazon Seller Services Pvt. Ltd and Flipkart Pvt. Ltd are lobbying the government to scrap the entire draft e-commerce policy, which recommends strict restrictions on online retail, including curbs on discounts, people familiar with the matter said. The online retailers have urged the government to instead consider fresh regulations, two people familiar with the matter said on condition of anonymity.
The two firms, which account for a majority of the $18 billion online retail market, were not part of the panel headed by industry minister Suresh Prabhu that last week came up with a policy framework that proposed a separate e-commerce regulator, data localization and other regulations that have created uproar in the e-commerce industry. The national policy framework on e-commerce was prepared by a task force headed by commerce secretary Rita Teaotia.
Even the various government departments are divided on the recommendations of the draft policy with some pushback coming from NITI Aayog, the department of industrial policy and promotion and the ministry of external affairs, according to one of the two people cited above.
The government has been striving to build a consensus on an e-commerce policy to resolve the policy vacuum on key issues related to the sector, as well as to effectively respond to a proposal for multilateral discipline in e-commerce at the World Trade Organization.
The top concerns raised by e-commerce firms include a recommendation that will restrict sellers to buy in bulk, a sunset clause that restricts discounting on e-commerce platforms, the people said. Another proposed measure they oppose is that e-commerce firms may have to share their stored data with the government, the people said.
“Bulk purchase of branded goods such as electronic products (especially mobile phones), white goods, branded fashion by related party sellers which lead to price distortions in a market place would be prohibited,” according to the draft.
If implemented, these measures will badly hit e-commerce firms, which rely on discounts to drive sales and on sellers to boost sales.
Amazon declined to comment. Flipkart did not respond to an email seeking comment.
Other Latest News
.webp)
The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
.webp)
A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
.webp)
The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
.webp)
The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
.webp)
India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
.webp)
.webp)
.webp)
.webp)
.webp)
