'Remove FDI ban on retail e-com'

Industry body Assocham has asked the government to remove the ban on foreign direct investment in retail e-commerce business.

The Secretary General of the Associated Chambers of Commerce and Industry of India (Assocham) D S Rawat, in his letter to Telecom and IT Minister Kapil Sibal, has sought his support in removing the current restriction on Business-to-Consumer (B2C) in retail e-commerce.

According to existing norms, e-commerce companies engaged in business-to-business trade, like selling materials or bulk product to business firms are allowed to infuse up to 100 per cent FDI in their company. Rawat said that estimated revenue from this sector is expected to be about $ 15 billion by 2015 and can lead to wider reach of farmers and other domestic product firms, helping them realise better value of their products consistently.

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