There has been a long-standing demand in the country to reduce the use of foreign goods and increase the use of domestic goods and companies and now the government is also taking steps in this direction. The government is going to introduce new rules for e-commerce companies and the draft of India’s latest e-commerce policy includes measures that will help local startups. Apart from that, foreign companies have to follow many rules to do business in India.
The government has been working on an e-commerce policy for the last two years and in the meantime there has been a growing demand for global companies like Google, Amazon and Facebook to take some steps to curb the growing proliferation in India. Apart from that, incentives should be announced for indigenous companies and startups and the government is going to take a decision in this direction, according to a report.
According to the report, the draft e-commerce policy states that a regulator will be set up to keep the sector fully in the legal process and monitor it. Let me tell you that work on this policy is progressing fast and the government will soon release its draft to the public.
The new e-commerce policy will also include a provision that all companies like Amazon that store customer data abroad. It will be mandatory for them to be audited within a specified time. Other than that if companies are asked to provide any details they will have to provide those details within 72 hours. Failure to do so may result in penalties for companies.