Goyal, following the BRICS Trade and Industry Ministers‘ Meeting in Jaipur, said the revisions would enable e-commerce trade in products including handlooms, handicrafts, textiles, footwear and food products.
“We have recently amended FDI regulations to facilitate large-scale e-commerce trade for products such as handlooms, handicrafts, textiles, footwear, and various everyday items, including food products, that consumers typically purchase online. This will benefit our farmers and fishermen,” the Union Minister said.
Read more: India proposes BRICS incubator network, startup innovation fund
His comments came as BRICS ministers deliberated on ways to enhance trade, investment, financing for micro, small and medium enterprises (MSMEs), digital commerce and industrial cooperation among member countries.
According to Goyal, India held a meeting of industry ministers from the BRICS coalition as its president on Thursday. The event covered discussions focusing on increasing investment and creating employment opportunities through emerging technologies.
“There were extensive discussions on creating new jobs and opportunities through emerging technologies like artificial intelligence and quantum computing, and on how these technologies could accelerate economic and industrial progress across all BRICS nations,” he said.“Constructive decisions were reached,” the Union Minister added.
The Industry Minister stated that the BRICS Minister’s meet focused on trade flows amongst the member states and investments for smaller businesses.
“The agenda included coordinating our bilateral trade, specifically imports and exports, and ensuring adequate financing and investment for MSMEs through banks and other channels,” said Goyal.
The Union Minister added that the participants also discussed making trade procedures paperless and streamline systems through greater use of digital technologies.
Goyal said India aims to leverage e-commerce as a channel to connect products created by small businesses and artisans with significantly larger markets.
“India is keen to harness the power of e-commerce to connect small-scale products with vast markets. Many nations have already generated massive trade volumes through this channel, and India is now striving to ensure that our micro and small enterprises and traders gain similar opportunities,” he said.
In response to a question on a common BRICS currency, the Union Minister affirmed that India does not support any such currency.
Goyal, referring to National Handloom Day which is observed on August 7, said the initiative could also provide support to traditional and labour-intensive sectors.
“Today, as we observe National Handloom Day, we recognize that this initiative will also benefit the Khadi and cottage industries, the textile sector, and leather artisans,” he said.