India likely to announce FDI in e-commerce next month (Reuters) - TopicsExpress



          

India likely to announce FDI in e-commerce next month (Reuters) - Prime Minister Narendra Modis government could allow foreign direct investment in Indias e-commerce sector as early as next month, paving the way for global online retailers such as Amazon (AMZN.O) to expand their business, four people with knowledge of the matter told Reuters. A more robust online retail sector will spur manufacturing and help an economic revival, said the people, who are privy to discussions within the new government. An announcement is expected in next months budget. India currently bans global online retailers from selling goods directly to customers but allows them to own 100 percent of a marketplace business, where third-party suppliers can use their platform. Both Amazon and eBay (EBAY.O) use such a platform to operate in the country. When asked about the decision, a spokesman for Indias commerce and industry ministry declined to comment.
Posted on: Wed, 04 Jun 2014 09:04:27 +0000

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