Food and Consumer Affairs Minister Ram Vilas Paswanhas said India is in the process of framing rules to regulate the e-commercesector, which is expected to touch USD 120 billion by 2020.
Speaking at the 3rd Intergovernmental Group of Experts(IGE) convened by the United Nations Conference on Trade and Development(UNCTAD) in Geneva he said While e-commerce in India is growing at an annualrate of 51 per cent, the laws regulating the digital marketplaces are stillevolving.
Paswan said E-commerce, which is India’s fastestgrowing and most exciting channel for commercial transactions, is expected tojump from USD 30 billion in 2016 to USD 120 billion by 2020.
The minister said the launch of the Unified Payments Interface (UPI) by the Reserve Bankof India (RBI) has been a game changer. Highlighting measures taken to protectconsumers and their interest, Paswan said India has sustained a single-digitfood inflation in the last four years and is currently within an”acceptable range” despite rise in crude oil prices recently.