Piyush Goyal announces FDI rule changes to boost e-commerce, says reforms will open new opportunities for MSMEs
Jaipur, Aug 7
Union Commerce and Industry Minister Piyush Goyal said on Friday that the Centre has amended India's Foreign Direct Investment rules to facilitate large-scale e-commerce and create new market opportunities for micro, small and medium enterprises, 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
Reader Comments
Sounds promising! As someone who buys from local weavers, I know how much talent we have in our villages. If these reforms can help them sell directly on platforms like Amazon or Flipkart without middlemen taking most of the profit, it will be a huge win for our economy. Let's hope the implementation is smooth!
Good initiative, but let's be honest - we've heard such announcements before. The real test will be whether MSMEs actually get easier access to these platforms. Many small businesses still don't have the digital literacy or infrastructure to list their products online. The government should focus on training and support along with these policy changes.
The mention of farmers and fishermen is encouraging. If they can directly access e-commerce markets, it would reduce the exploitation by middlemen that has plagued our agriculture sector for decades. But we also need better logistics and cold chain facilities in rural areas to make this truly work. Otherwise it's just another policy on paper. 🤔
While the intent is good, I'm concerned about the impact on local kirana stores and offline retailers. E-commerce giants often use predatory pricing to capture markets. The government must ensure a level playing field. Also, the BRICS angle seems like India is positioning itself well globally, which is good to see. 🇮🇳
As a small business owner from Kerala, this gives me some hope. We make beautiful coir products but finding buyers outside our state is tough. If these reforms genuinely ease cross-border selling and reduce compliance burdens, it could open up a huge market for us. Fingers crossed! 🤞
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