Piyush Goyal backtracks on his statement against Amazon; says govt welcomes all types of investments in India

Backtracking on his statement on Thursday against Amazon, Union Commerce and Industry Minister Piyush Goyal clarified that the government welcomes all types of investments in India. However, businesses should adhere to rules and regulations in the country, he cautioned.

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Foreign investments in India, Goyal said, 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."

File image of Piyush Goyal. PIB

Goyal clarified that his statement on Thursday was taken 'out of context'. A day after Amazon CEO Jeff Bezos who is on a three-day visit to the country pledged $1 billion in new investments to help take 10 million small Indian businesses online, Goyal said the investment announcement was not 'favour' to India.

Goyal said his statement should be seen in a perspective, adding that all countries welcome foreign investment but it should be within the framework of the law, reported PTI.

"Our laws say that the interests of such small traders should not get hurt. Investment should be in the purview of set parameters. That is the view of me and the government," he added.

If investments are not within the framework of law, then legal action would be initiated, he told reporters.

"Our country has some rules for e-commerce industry. We welcome all those investments which come as per these rules. However, it should not create unfair competition for the small traders of India. They do not get zero percent loans. They do not have lakhs and crores of rupees. They do business with small capital," said Goyal.

The minister in a tweet also expressed similar views.

On Friday, he said: "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."

Goyal was replying to reporters' queries in Ahmedabad on his Thursday's comment on Amazon investment in India.

Bezos, in a statement on Friday, said the company plans to create one million new jobs in India over the next five years. The new jobs - created both directly and indirectly - will be across industries, including IT, skill development, content creation, retail, logistics, and manufacturing.

These jobs are in addition to the seven lakh jobs Amazon's investments have enabled over the last six years in the country.

— With inputs from agencies