‘Investments within law’: Piyush Goyal clarifies day after 'Amazon doing no favour' jibe

Union Commerce and Industry Minister Piyush Goyal on Friday said his statement regarding Amazon was misconstrued and asserted that the government welcomes all investments but it should adhere to rules and regulations. Goyal on Thursday had said that Amazon was not doing a favour to India by the investments and questioned how the online retailing major could incur such "big" losses but for its predatory pricing.

'We welcome all types of investments'

The Commerce and Industry minister said that these investments should not create unfair competition for small traders.

"We welcome all types of investments. But if the foundation of any investment violates law then there will be a legal process. Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister told reporters in Ahmedabad when asked to comment on his statement.

Goyal's 'Amazon doing no favour' jibe

"There are some laws regarding eCommerce in India. We welcome investments that come under those laws. But this investment should not create unfair competition to small traders and retail businessmen in India," he said. Speaking at the Raisina Dialogue 2020 in New Delhi, Goyal had on Thursday said, "They (Amazon) may have put in a billion dollars but if they make a loss of a billion dollars every year, then jolly well will have to finance that billion-dollar. So, it is not as if they are doing a favour to India when they invest a billion dollars."

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On Wednesday, Amazon founder Jeff Bezos announced plans to invest one billion dollars (about Rs 7,092 crore) in India and enabling 10 billion dollars in cumulative exports in the next five years by digitally enabling micro, small, and medium enterprises (MSMEs) and traders. India's anti-trust body Competition Commission of India is probing the business model of Amazon and its subsidiary company Flipkart following allegations of predatory pricing, deep discounting, exclusivity and preferential seller treatment.

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(with ANI inputs)