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India has recently amended its foreign direct investment (FDI) regulations to facilitate large-scale e-commerce trade and help small businesses, artisans, farmers and fishermen access wider markets, Union Commerce and Industry Minister Piyush Goyal said on Friday.
Speaking to the media following the BRICS Trade and Industry Ministers' Meeting in Jaipur, Goyal said the changes would facilitate e-commerce trade in products including handlooms, handicrafts, textiles, footwear and food products. "We have recently amended FDI regulations to facilitate large-scale e-commerce trade for products such as handlooms, handicrafts, textiles, footwear, and various everyday items, including food products, that consumers typically purchase online. This will benefit our farmers and fishermen," Goyal said. His remarks came as BRICS ministers discussed ways to strengthen trade, investment, financing for micro, small and medium enterprises (MSMEs), digital commerce and industrial cooperation among member countries. Goyal said that India, which holds the BRICS presidency this year, hosted a meeting of industry ministers on Thursday, where discussions focused on increasing investment and creating employment opportunities through emerging technologies. "There were extensive discussions on creating new jobs and opportunities through emerging technologies like artificial intelligence and quantum computing, and on how these technologies could accelerate economic and industrial progress across all BRICS nations," he said, adding that "constructive decisions were reached". The Commerce Ministers' meeting on Friday focused on trade flows among BRICS countries and improving access to finance and investment for smaller businesses. "The agenda included coordinating our bilateral trade, specifically imports and exports, and ensuring adequate financing and investment for MSMEs through banks and other channels," Goyal said. He added that ministers also discussed making trade processes paperless and simplifying systems through greater use of digital technologies. Goyal said India wants to use e-commerce as a channel to connect products made by small businesses and artisans with significantly larger markets. "India is keen to harness the power of e-commerce to connect small-scale products with vast markets. Many nations have already generated massive trade volumes through this channel, and India is now striving to ensure that our micro and small enterprises and traders gain similar opportunities," he said. Separately, responding to a question on a common BRICS currency, Goyal said India does not support any such currency. Referring to National Handloom Day, observed on August 7, Goyal said the initiative could also support traditional and labour-intensive sectors. "Today, as we observe National Handloom Day, we recognize that this initiative will also benefit the Khadi and cottage industries, the textile sector, and leather artisans," he said. (ANI)
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