Kashmir Traders and Manufacturers’ Federation today opposed any foreign direct investment in e-commerce retail, suggesting that the government should take all stakeholders on board before allowing any FDI.
President KTMF, Muhammad Yasin Khan said the government should give preference to the interests of small retailers and consumers.
“The FDI in e-commerce retail will hit the traders directly and will cause loss of livelihoods. It is unfortunate that we are ignored by the government in this issue,” Khan said.
He said it was “mandatory” for the government to take traders on onboard before taking a final call on this issue. “Being stakeholders we too have some suggestion as otherwise our interests will be jeopardized,” Khan said.
Meanwhile, the federation appealed Finance Minister DrHaseebDrabu to look into the matter.
Pertinently, Minister for Industries and Commerce, ChanderParkash Ganga on July 28 called for organizing seminars on Foreign Direct Investment (FDI) in e-commerce at district level in the state.
The Minister while addressing a joint meeting of the officers of Industries and Commerce, representatives of Federation of Industries, Information Technology Association, CII, FCII, PHD Chamber of Commerce and Industry and ASSOCHAM convened to discuss the Regulatory Framework and Guidelines for FDI in e-Commerce, had said that “Government of India is going to launch e-commerce in all states and like other states Jammu and Kashmir has been also asked to give its suggestions.”
He said that the need of the hour was to discuss in detail the benefits and adverse impact of e-Commerce on retailers.
The Minister said the implementation of e-Commerce in the state will boost trading of handloom and handicraft products. “The retailers have to build their capacity accordingly to get ready for e-Commerce.”
Early this month, several issues pertaining to FDI in multi-brand retail and emerging e-commerce in the country were discussed at a meeting chaired by union minister for Commerce and Industry, NirmalaSitharaman.
Interestingly, on July 22, the central government said it was not considering any plans to introduce FDI in e-commerce retail. “No such proposal is under consideration of the government,” Commerce and Industry Minister NirmalaSitharaman had said in a written reply to the RajyaSabha.