Chaos is the ultimate result end of the unregulated market. (Yes, a Keynesian here!) This basic idea exceptionally well justifies why India requires a dedicated and well-thought e-commerce policy. It has been demanded by the lobbyists for years now. And following the Flipkart and Walmart deal, this demand has sniffed a refined energy. To protect the local players from the foreign entry and to create a balanced playground for all the domestic and international players, we need an e-commerce policy in India. (For example, the policy could end the extreme discount war between Flipkart and Amazon, paving way for other small retailers.)
(Courtesy- The News Minute)
There has to be a regulated ecosystem, controlled by inflexible but empathetic terms, to strengthen the commitment for the goodwill’s protection of business owners, traders, consumers and every other stakeholder. Also, given just how big the e-commerce has become (and its growth is expected to go to new heights in India), we certainly need a framework to ensure this industry is effectively helping the domestic economy nourish.
So, the latest efforts to finalize an e-commerce policy in India by a think-tank that includes top companies, ministers, and other officials, it was long overdue. Aside from these reasons, these efforts were also very crucial for India to take part in the upcoming WTO negotiations on online trade. Over the years, WTO has been widely contesting for all the participants for an intensive discussion on e-commerce industry—and India has long been hushed on this topic; opposing it, in fact. However, with now the digital space penetrating and impacting the local trade agreements and economy, India had to reluctantly agree for this discussion. And for this purpose, does the country need an e-commerce policy that clarifies its stance on various dimensions on the global forums.
(Courtesy- Quartz).
We already have a first draft of the e-commerce policy in India. And if Union Minister for Commerce and Industry Suresh Prabhu, who convened the first meeting of ‘think tank’ back in April, is to be believed, we will have a finalized draft of the policy by October.
Now, let’s not tiptoe around the fact that this policy would be favorable for “all”. There would be groups and stakeholders who might not find it very appealing. However, at this time, rather than coming up with a “perfect” e-commerce policy in India, we should aim to have a decent policy in the first place. Once implemented, we can them make amendments to benefit ALL the parties.
