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Wednesday, November 29, 2023

Amazon asks Bharat not to change rules till probe is complete: Report

Amazon has asked the Bharatiya government not to change e-commerce foreign investment rules until investigations into its business practices had been concluded, a global news wire reported.

The Amazon move comes at a time when high-level discussions are being in the DPIIT (Department for Promotion of Industry and Internal Trade) on a draft FDI in e-commerce policy that seeks to plug existing loopholes that foreign e-commerce players are exploiting.

At high-level meet on Thursday attended by 25 e-commerce players, an Amazon executive told Commerce Ministry officials that the Competition Commission of India and the Enforcement Directorate were probing the allegations and “it would be premature to make any policy change” until those proceedings have concluded, the report in the global news wire said.

As per the report, Amazon, which said during the meeting that it complies with all laws, said any policy change which impacts current investments would dent global investor confidence and sentiment, and any disruption caused have a “devastating consequence” on suppliers and small businesses.

Flipkart also called for policy stability during the meeting.

As per the report, Amazon said that it welcomed the government consultation process and the foreign investment policy “needs to be stable and predictable for investor confidence”.

(The story has been published via a syndicated feed with a modified headline and minor edits to conform to HinduPost style-guide.)

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