New Delhi, Mar 18 (KNN) Retailers Association of India (RAI) has recommended that Foreign Direct Investment (FDI) rules for products should be the same for all channels with no special rules or dispensation for any channel.

The Department for Promotion of Industry and Internal Trade (DPIIT) invited the Retailers body for a meeting on March 17, 2021 to discuss issues pertaining to the Foreign Direct Investment (FDI) in the e-commerce sector.

The meeting was aimed at bringing out clarifications to ensure that the e-commerce sector works in the ‘true spirit’ of the law and rules.

In its recommendation, RAI emphasised the level playing field among all formats and channels of Business to Consumer (B2C) Retail.

''RAI believes that the FDI rules applicable to retail should be the same across channels and formats of retail to facilitate consumer experience and market balance. Also, the rules for products should be the same for all channels with no special rules or dispensation for any channel,'' it added.

It further said that Indian-owned, Indian-managed retail companies, including Indian start-ups be allowed access to funds to help make them more competitive.

''While modern retail in India is about two decades old, most modern retailers have in-fact been present only since the last 15 years. There is a need to support modernisation of retail in the country, especially since it means increased employment and higher contribution to the country’s GDP. In the modern day, retailing is done across channels. It is therefore imperative that Indian-owned Indian-managed retail enterprises be given better access to funds (local and international) to become globally competitive,'' RAI said.

On implementation of FDI policy, RAI said that FDI in Indian retail is subject to various extant rules and regulations adding, ''There is a strong need to ensure better implementation of the policy in letter and spirit.''