New Delhi,
Feb 8. India’s FDI policy on e-commerce and mandatory data
localisation for global card payment companies seems to have rubbed Donald
Trump on the wrong side as the US is thinking about withdrawing zero
tariffs for India, sources said.
US is
reviewing US charges no tariff on certain exports from India to the US
The US
Trade Representative is reviewing the preferential arrangement for India
wherein the US charges no tariff on certain exports from India to the US under
the Generalised System of Preferences (GSP) and may soon withdraw the benefit,
said an official.
The move is seen as a retaliation by US President Donald Trump after India revised its FDI policy on e-commerce banning online retailers like Amazon and Walmart-owned Flipkart from selling products of companies in which they have stakes from February 1.
The online
retail firms (e-commerce marketplace entity) were also prohibited from
mandating any company to sell its products exclusively on its platform only, as
per the revised policy.
Trump, who
is working towards reducing trade deficits with major economies and asking US
manufacturing companies to return home as part of his Make America Great Again
campaign, is also not happy with the data localisation policy of India, the
official said.
The Reserve
Bank of India (RBI) guidelines say that all foreign payment companies such
as MasterCard and Visa must store data locally for their businesses in the
country.
US Commerce Secretary Wilbur Ross is likely to raise the issues of e-commerce norms and data localisation in his visit to India next week. Currently, about $6 billion of exports from India get the special treatment of zero tariffs under the GSP.
The GSP is a
US trade programme designed to promote economic growth in the developing world
by providing preferential duty-free entry for up to 4,800 products from 129
designated beneficiary countries and territories.
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