U.S., Indian businesses seek parleys on e-commerce policy

The Indo-American Chamber of Commerce (IACC) has urged the government to transparently consult all stakeholders in the booming e-commerce sector before finalising a policy so as not to stunt its growth prospects.

The Indo-American Chamber of Commerce (IACC) has urged the government to transparently consult all stakeholders in the booming e-commerce sector before finalising a policy so as not to stunt its growth prospects.

The IACC, which represents U.S. and Indian business interests, said India’s e-commerce policy was long awaited but its last draft was shared four years ago, prior to the pandemic and the current version has not been shared with the public or industry.

“Policymaking for e-commerce should be a carefully calibrated effort to incentivise investment, boost innovation, and encourage competition. And the way to ensure that the policy and rules are positive is by finalising them only after consensus has emerged through transparent and open consultation with all the relevant stakeholders,” IACC national president Lalit Bhasin said.

Mr. Bhasin stressed that the e-commerce sector has multi-dimensional implications and benefits for the economy and must be nurtured with extreme care. “Any policy or regulation for the e-commerce sector must ensure that its growth is not stunted in any manner,” he said, noting that the industry is already under the ambit of several laws, including the recently-cleared Digital Data Protection Act and regulations relating to compliances, competition and consumer protection.

“The new e-commerce policy will, hopefully, be in sync with these existing laws without increasing the compliance burden on a sunrise sector that has a multiplier effect on economic growth, job creation, export orientation, and consumer empowerment,” the IACC national president underlined.