Govt sets up a committee to study FDI in e-comm

Shri Piyush Goyal, Minister of Commerce and Industry informed the Lok Sabha yesterday that the government has set up a committee to study issues pertaining to foreign direct investment (FDI) in e-commerce.  “A committee has been constituted on July 12 under Additional Secretary, Department for Promotion of Industry and Internal Trade with members from the Department of Commerce, Department of Consumer Affairs, Department of Legal Affairs and Ministry of MSME to examine issues related to FDI in e-commerce and give its suggestions,” he stated. The minister also clarified that so far, no FDI application in single brand retail trade has been granted waiver from local sourcing norms on the basis of ‘state-of-art’ or ‘cutting-edge’ technology.