NEW DELHI: Global retail giant Amazon said allowing foreign direct investment in eCommerce will help in accelerating further growth in the $ 3 billion Indian online retail market, says a PTI report.
According to Amit Agarwal, Vice President and MD, Amazon India, "We are already very successful but FDI would make possible to spin it more aggressively,"
Foreign Direct Investment (FDI) norms in India do not allow FDI in e-commerce. Most e-tailers like Flipkart and Snapdeal follow the online marketplace model, where they connect with sellers and buyers.
Amazon launched its marketplace in India last year and counts India among its fastest growing markets and has said it is on track to touch $ 1 billion in gross sales here.
In India, Amazon sells over 17 million products across categories like books, apparel and electronics from a growing base of thousands of small and medium-sized businesses.
It also plans to open 5 new centres across India in addition to its two fulfilment centres (FCs) in Mumbai and Bangalore.
Apart from the foreign players like Amazon, industry bodies like Internet and Mobile Association of India (IAMAI) are also supporting the move saying it will help e-commerce firms grow Internet usage in the country and provide players access to funds for investing in technology and back-end operations.