Piyush Goyal announces FDI rule changes to boost e-commerce, says reforms will open new opportunities for MSMEs
Jaipur, Aug 7 (IANS) Union Commerce and Industry Minister Piyush Goyal said on Friday that 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 added that the revised FDI framework is aimed at enabling products such as handloom, handicrafts, textiles, footwear, and food items to reach larger domestic and global markets 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 Union Minister said.
He added that India intends to leverage e-commerce as a powerful platform to connect products made by small enterprises and traditional artisans with a much wider consumer base.
Goyal’s remarks came after meetings of BRICS Trade and Industry Ministers, where member countries deliberated on strengthening trade, investment, digital commerce, industrial cooperation and financing for MSMEs.
The Union Minister said that Thursday’s Industry Ministers’ meeting, chaired by India, focused on promoting investments and generating employment through emerging technologies.
“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,” he said.
The Commerce Ministers’ meeting on Friday also discussed measures to strengthen trade flows among BRICS countries, improve access to finance for MSMEs, and simplify cross-border business procedures.
According to Goyal, the Ministers deliberated on enhancing bilateral trade, particularly imports and exports, while ensuring adequate financing for small businesses through banks and other financial institutions.
He added that the meeting also emphasised greater adoption of digital technologies to make trade processes paperless, improve efficiency, and simplify regulatory systems.
The discussions form part of India’s broader efforts to deepen economic cooperation within the BRICS grouping while enhancing opportunities for small businesses through trade, investment and digital transformation.
–IANS
arc/khz