Source: The Economic Times India
Commerce Minister Piyush Goyal on Friday said his statement that Amazon was “not doing a favour” by investing in India was taken out of context and that the government welcomes all investments provided they play by the rules. Goyal said that these investments should not create unfair competition for small traders.”We welcome all types of investments. But if the foundation of any investment violates law then there will be a legal process. Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world,” the minister told reporters here when asked to comment on his statement.”There are some laws regarding eCommerce in India. We welcome investments that come under those laws. But this investment should not create unfair competition to small traders and retail businessmen in India,” he said.Speaking at the Raisina Dialogue 2020 in New Delhi, Goyal had on Thursday said that Amazon is not doing a favour to India when they invest a billion dollars in the country.”They (Amazon) may have put in a billion dollars but if they make a loss of a billion dollars every year, then jolly well will have to finance that billion dollar.