Piyush Goyal Calls for Balanced E-Commerce Growth Protecting India's Small Retailers Amid Digital Expansion

ENA Sectors 2024-08-22 14:22:26 New Delhi, Aug 22 (KNN) In a significant address at the launch of a report on e-commerce's impact in India, Union Minister of Commerce and Industry Piyush Goyal emphasised the need for a citizen-centric approach to the sector's growth. Speaking as the Chief Guest at the event organised by Pahle India Foundation, Goyal stressed the importance of democratising the benefits of e-commerce across a broader spectrum of society. The Minister acknowledged the transformative power of technology in meeting consumer needs efficiently but cautioned against uncontrolled expansion. In the race for market share, we must not cause disruption for the 100 million small retailers across the country, Goyal stated, highlighting the delicate balance between progress and preservation of traditional economic structures. Goyal's comments reflect growing concerns about the potential dominance of e-commerce in India's retail landscape. He projected that within a decade, half of India's market could be absorbed by e-commerce platforms, a prospect he described as a matter of concern. Drawing parallels with Western economies, the Minister pointed out the decline of small, family-owned businesses in countries like the United States and Europe due to e-commerce proliferation. He cited Switzerland's cautious approach to e-commerce as a potential model to consider. While affirming that e-commerce is here to stay, Goyal raised critical questions about its long-term impact on local economies and employment. Is predatory pricing good for the country? he asked, prompting a broader discussion on sustainable business practices. The Minister's remarks underscored the government's commitment to protecting India's developing economy and supporting vulnerable sectors. He called for a dispassionate and data-driven analysis of e-commerce's impact, particularly on traditional retail sectors such as pharmacies and mobile phone repair shops. In conclusion, Goyal urged the business community and experts to conduct a thorough, scientific evaluation of e-commerce's role in India's economic future. His address signals a potential shift in policy approach, balancing technological advancement with the protection of traditional economic structures and employment opportunities. This measured stance on e-commerce growth reflects the complex challenges facing India as it navigates its path in the global digital economy while safeguarding its unique economic fabric. (KNN Bureau) 39035 https://knnindia.co.in/news/newsdetails/sectors/piyush-goyal-calls-for-balanced-e-commerce-growth-protecting-indias-small-retailers-amid-digital-expansion 2024-08-22 14:22:26 knnindia.co.in Piyush Goyal Calls for Balanced E-Commerce Growth Protecting India's Small Retailers Amid Digital Expansion