My statement was misconstrued, government welcomes all investments: Piyush Goyal on Amazon remark 

Union Commerce Minister Piyush Goyal on Friday made a U-turn on the remark that he made on Amazon investment in India yesterday. 

Goyal said his statement was misconstrued and added that although the government welcomes all investments but it should adhere to rules and regulations and should not create unfair competition for small traders. 

"We welcome all types of investments. But if the foundation of any investment violates law then there will be a legal process. Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister said. 

"There are some laws regarding eCommerce in India. We welcome investments that come under those laws. But this investment should not create unfair competition to small traders and retail businessmen in India," he said.

On Thursday, Goyal had said that Jeff Bezos-led Amazon has not done India any favour by investing a billion dollars. 

"They (Amazon) may have put in a billion dollars but if they make a loss of a billion dollars every year, then jolly well will have to finance that billion dollars. So, it is not as if they are doing a favour to India when they invest a billion dollars," Goyal had said on Thursday. 

Bezos on Wednesday announced plans to invest one billion dollars (about Rs 7,092 crore) in India and enabling 10 billion dollars in cumulative exports in the next five years by digitally enabling micro, small, and medium enterprises (MSMEs) and traders.

(With inputs from ANI)