
Indian government stays firm on its e-commerce FDI ban
The Indian government has said it will not revise its current ban on foreign direct investment (FDI) in India's e-commerce sector.
In a written response to the lower house of the Indian parliament, the minister of state for commerce and industry, S. Jagathrakshakan, said there were no proposals for an amendment of the current policy under consideration.
As it stands the policy dictates that companies that have received FDI are not allowed to engage in e-commerce retail. The government had specifically excluded e-commerce firms from its decision to allow up to 51% FDI in multi-brand retail last September.
The statement pours cold water on any expectations over policy change in sector that has so far attracted much private equity and venture capital investment.
According to AVCJ Research, over $261 million was invested in India's e-commerce sector last year through 44 deals. Despite the law, much of this cash has come from foreign investors who have structured their investments to comply with regulations.
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