Days after raising concern over the impact on e-commerce and its business practices on traditional retail, Commerce Minister Piyush Goyal said on Wednesday that the government is trying to protect them as they face intensified competition from well funded online platforms.
“We are trying to meet the aspiration of 100 million small retailers. Small mom and pop stores have disappeared from the US landscape but we are making an effort to protect them to some extent. We have to meet the aspirations of every single Indian,” the minister said in his address at the 49th Annual General Meeting of US-India Business Council.
He also said that India will continue to work with the US to meet the aspirations of 1.4 billion Indians for a better quality of life and a better future including needs of 140 million farmers and their families and a better future for their children.
The minister also pointed to the “common source of concern” for both US and India in critical minerals and stressed on self-reliance in the sector.
“Let us work towards critical minerals which is an important part of our partnership to have a resilient supply chain. We have a lot to offer and you have a lot to offer.”
Traditional retail has been flagging the threat from e-commerce for the past many years. Now with the greater visibility of quick commerce, off-line retail has now pointed to the threat posed by it to the small neighbourhood stores. The issue has also been brought to the attention of the Ministry of Consumer Affairs, according to reports.
From: financialexpress
Financial News
