Commerce and Industry Minister Piyush Goyal has said that India will not negotiate any free trade agreement (FTA) on the back foot and will always ensure protection of interest of people and industry. He said the government is ready to bite the bullet and because of that India decided to walk out from the mega free trade pact Regional Comprehensive Economic Partnership (RCEP) as the concerns of India was not addressed.
Talking about investments, Goyal cautioned the e-commerce companies to follow the laws properly as millions of small traders are involved in the business in the country. He said ‘We shall not allow, just in the garb of investment, or even large investment, anybody to bring in unfair trade practices to India, howsoever big or powerful the company may be.’
The minister also cautioned the firms against giving huge price discounts, which are going to cut small retailers as 60 million small retailers in the country providing work to 120 million. Further, he said the government has laid out a roadmap for an investment of Rs 100 lakh crore in the next five years, which would lift the economy.