FDI Reforms to Give E-commerce a Big Push, Open Wider Markets for MSMEs: Piyush Goyal

Jaipur: Union Commerce and Industry Minister Piyush Goyal on Friday said the Centre has amended India’s Foreign Direct Investment (FDI) rules to facilitate large-scale e-commerce and create new market opportunities for micro, small and medium enterprises (MSMEs), artisans, farmers and fishermen.

Speaking to the media after the BRICS Trade and Industry Ministers’ Meeting in Jaipur, Goyal said the revised FDI framework would help products such as handloom, handicrafts, textiles, footwear and food items reach a much wider consumer base in India and overseas through e-commerce platforms.

“We have recently amended the FDI rules to facilitate large-scale e-commerce for products such as handloom, handicrafts, textiles, footwear and various consumer goods, including food products that are commonly purchased online. These reforms will benefit our farmers, fishermen, artisans and small businesses by expanding their market access,” the Minister said.

Goyal said the government wants to use e-commerce as a powerful channel to connect products made by small businesses and traditional artisans with consumers across a much larger geographical market.

His remarks came after the BRICS Trade and Industry Ministers’ meetings, where member countries discussed ways to strengthen trade and investment, expand digital commerce, promote industrial cooperation and improve financing for MSMEs.

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The Industry Ministers’ meeting, chaired by India on Thursday, focused on using emerging technologies to boost investment and create new employment opportunities.

“There were extensive discussions on creating new jobs and economic opportunities through technologies such as Artificial Intelligence (AI) and Quantum Computing, and on how these innovations can accelerate industrial and economic growth across BRICS nations,” Goyal said.

The Commerce Ministers’ meeting on Friday focused on strengthening trade flows among BRICS countries, improving access to finance for MSMEs and making cross-border business processes simpler.

According to Goyal, the ministers discussed ways to increase bilateral trade, particularly imports and exports, while ensuring that small businesses have adequate access to financing through banks and other financial institutions.

The meeting also highlighted the importance of greater use of digital technologies to make trade processes paperless, improve efficiency and simplify regulatory procedures.

The discussions are part of India’s broader efforts to deepen economic cooperation among BRICS nations while creating more opportunities for small businesses through trade, investment and digital transformation.

With inputs from IANS