Post-Budget quote from Co-Founder & Managing Director of ShopYourWorld Sandip Shah:
The Modi Government has withheld Foreign Direct Investments (FDI) in the e-commerce industry and has decided to only allow foreign companies manufacturing products in India (like Puma, Benetton, Marks & Spencer, Decathlon and others) to sell their merchandise through the e-commerce route. This shall greatly benefit these brands.
At the same time, not allowing FDI a free reign in the Indian market protects the indigenous players from external competition, thereby winning the Government their favour and support. We hope that more research goes into the understanding of the e-commerce sector, as it is clearly the way of the future. A planned approach needs to be made to help channelize and refine it, and it is hoped that the Modi Government invests considerable time, money and energy in its expansion.