Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Spirit of law blatantly violated by top ecommerce companies, says ShopClues CEO.


Date: 07-01-2019
Subject: Spirit of law blatantly violated by top ecommerce companies, says ShopClues CEO
Since the early 1990s when India was reluctantly forced to open up its economy to the world, we have been trying to tread the delicate balance in protecting our domestic economy from global oligopoly, lest we once again become the victim of a version of British era colonialism. 

Our policy prohibiting “multibrand retailing in B2C ecommerce for companies with foreign direct investments (FDI)”, was very clear in its intent and purpose.

It did not need any further clarification. But driven by their expansionist agenda to grab as much land of the Indian consumer as possible, by whichever means available, coupled with practically non-existent enforcements of our own laws, it created a situation where the spirit of the law was blatantly and continuously violated by these companies under the guise of “but customer is winning”. 

By itself it seems like a cogent argument but a slightly deeper look at the situation will make it clear that the customer is not winning — actually the customers are being fed the “cocaine of discounts”. It is an unsustainable and harmful business practice, which does not do any long-term good to the economy or the ecosystem. 

The government’s restriction on foreign direct investment in multi-brand retail has been to invite lakhs of crores of foreign investment to come into India to help build its fledgling ecommerce infrastructure. 

It was to bring millions of small & medium businesses to participate and benefit from the internet revolution that is happening around the world. Instead, if we look around, what do we see? We see that more than ?1 lakh crore of foreign direct investment money has been spent in the country and the only beneficiary of these investments are a handful of large corporates. 

A majority of these are group companies, or, are controlled directly or indirectly by large foreign players. These companies have used capital dumping to eliminate competition, destroy the SME ecosystem or otherwise damage the fabric of retail [industry] in the country. 

The clarifications on foreign direct investment policy have at least taken cognizance of the rampant violations of the law by the two large players. 

It will force ecommerce players to not only follow the letter of the law but also prevent them from coming up with “creative” corporate structures to circumvent the spirit of the law. 

Even though the clarification on foreign direct investment policy is welcome, our failure to enforce the law of the land allowed these companies to become disproportionately large at the expense of the customer and sellers. “Success” built by dubious means should be deemed as fruit of the poisonous tree. 

Source: economictimes.indiatimes.com


Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 27-11-2020
Notification No. 109/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 27-11-2020
Circular No. 52/2020-Customs
Exports of Gems and Jewellery through Courier mode - reg.

Date: 27-11-2020
Notification No. 40/2020-Customs (ADD)
Seeks to impose Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China PR for a period of 5 years, in pursuance of sunset review final findings issued by DGTR

Date: 26-11-2020
Notification No. 43/2020-Customs
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe BCD rate of 27.5% on Crude Palm Oil

Date: 26-11-2020
Notification No. 39/2020-Customs (ADD)
Seeks to amend notification No. 51/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of "Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester " originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31st December, 2020

Date: 26-11-2020
Public Notice No. 30/2015-20
Revision of SION A1827 of Export Products - Ossein

Date: 23-11-2020
A.P. (DIR Series) Circular No. 07
Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms

Date: 20-11-2020
Circular No.51/2020-Customs
Clarifications regarding availment of exemption on temporary import of durable Containers - reg.

Date: 19-11-2020
Notification No. 60/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 19-11-2020
Notification No. 61/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001