Geneva : India is in the process of framing rules to regulate the e-commerce sector, which is expected to touch $120 billion by 2020, Food and Consumer Affairs Minister Ram Vilas Paswan said on Wednesday.
While e-commerce in India is growing at an annual rate of 51 per cent, the laws regulating the digital marketplaces are still evolving, he said.
“The emergence of global supply chains, lowering of trade barriers, rise in international trade and the rapid development of e-commerce have enhanced the vulnerability to new forms of unfair trade and unethical business practices,” Paswan said at the 3rd Intergovernmental Group of Experts (IGE) convened by the United Nations Conference on Trade and Development (UNCTAD).
To protect consumers, the government has issued guidelines for regulating direct selling and is in the process of issuing rules for e-commerce also, he said.
“These are guiding principles to strengthen the regulatory mechanism on direct selling companies and e-commerce for allowing legitimate business to continue, preventing frauds and protecting the legitimate rights and interests of consumers,” Paswan said in a statement.