Amazon not doing favour to India by investing USD 1 billion: Piyush Goyal

NEW DELHI: A day after the world’s richest person Jeff Bezos announced fresh USD 1 billion investment in India, Union Commerce and Industry Minister Piyush Goyal on Thursday said his firm Amazon was not doing a favour to the country by the investments and questioned how the online retailing major could incur such “big” losses but for its predatory pricing.

Goyal, who has not yet given Bezos an audience, said e-commerce companies have to follow Indian rules in letter and spirit and not find loopholes to make a back-door entry into multi-brand retail segment.

India does not allow foreign investment beyond 49 per cent in multi-brand retailing and has not yet approved any application of overseas retailers.