TOPIC OF THE DAY:–“Discounting Logic: On E-Commerce Policy”
The Process Of Putting Together A Regulatory Framework For Electronic Commerce In The Country Is Finally Speeding Up. A Task Force Of The Union Commerce Ministry Has Submitted The Draft National Policy On Electronic Commerce, Which Will Now Be Studied By A 70-Member Think Tank Chaired By Suresh Prabhu, The Union Commerce, Industry And Civil Aviation Minister. India’s E-Tail Business, Estimated To Be Worth Around $25 Billion, Is Still A Fraction Of The Overall Retail Sector In The Country, But It Has Been Witness To Some Frenetic Activity Of Late, Including The Merger Between Home-Grown, But Singapore-Based, Flipkart And Global Giant Walmart. Over The Coming Decade, The E-Commerce Pie Is Expected To Swell To $200 Billion, Fuelled By Smartphones, Cheaper Data Access And Growing Spends. The Draft Policy Proposes The Creation Of A Single National Regulator To Oversee The Entire Industry, Although Operationalising Its Different Features Would Require Action From Multiple Ministries And Regulators. This Would Also Need Amendments To Existing Legislation And Rulebooks. Consumer Protection Norms To Guard Online Shoppers From Possible Frauds Too Are Overdue. As Per Data Available For The First Eight Months Of 2017-18, Over 50,000 E-Commerce Grievances Were Made To The Consumer Affairs Ministry Helpline. Traditional Retailers Too Have Voiced Concerns About Large E-Tail Players With Deep Pockets Pricing Them Out Of The Market, And Have Been Seeking A Level Playing Field. Much Work, However, Remains To Be Done To Forge A Cohesive Framework From The Draft. Among The Ideas In The Draft Policy Are A Sunset Clause On Discounts That Can Be Offered By E-Commerce Firms And Restrictions On Sellers Backed By Marketplace Operators. The Aim May Be To Prevent Large Players From Pricing Out The Competition Though Unfair Practices, But Taken Too Far Such Licensing And Price Controls Can Depress The Sector. To Give The Government A Say On Who Can Offer How Much Discount And For How Long, Instead Of Letting Consumers Exercise Informed Choices, Would Be A Regressive Step For The Economy. Foreign Direct Investment Restrictions On Players Who Can Hold Their Own Inventory Are Sought To Be Lifted, But There Must Be A Majority Indian Partner And All Products Have To Be Made In India. This Seems Like A Leaf Out Of India’s Retail Fdi Policy That Has Similar Procurement Diktats That Are Not Easy To Meet Or Monitor. E-Tailer Costs Are Also Likely To Rise On Account Of Proposed Norms On Storing And Processing Data Locally, While Consumers And Firms Could Both Question The Plan To Stipulate Payments Via Rupay Cards. The Proposed E-Commerce Policy Could Drive Away Those Planning Online Retail Forays — And The Opportunity To Create Jobs And Benefit Consumers Would Be Lost.
MEANINGS AND WORD :-
1.Speeding Up
Meaning: To Happen Or Move Faster, Or To Make Something Happen Or Move Faster.
Example: This Drug May Have The Effect Of Speeding Up Your Heart Rate.
2.Think Tank
Meaning: A Body Of Experts Providing Advice And Ideas On Specific Political Or Economic Problems.
Example: “A Think Tank Devoted To The Study Of Political And Economic Integration”
3.Frenetic
Meaning: Fast And Energetic In A Rather Wild And Uncontrolled Way.
Example: “A Frenetic Pace Of Activity”
Synonyms: Frantic, Hectic
Antonyms: Calm
4.Swell
Meaning: Become Or Make Greater In Intensity, Number, Amount, Or Volume.
Example: “The Low Murmur Swelled To A Roar”
Synonyms: Grow, Increase
Antonyms: Decrease, Wane
5.Oversee
Meaning: Supervise (A Person Or Their Work), Especially In An Official Capacity.
Example: “The Home Secretary Oversees The Police Service”
Synonyms: Supervise, Organize
- Overdue
Meaning: Not Done Or Happening When Expected Or When Needed; Late.
Example: My Library Books Are A Week Overdue.
Synonyms: Late
7.Forge
Meaning: Create (Something) Strong, Enduring, Or Successful.
Example: “The Two Women Forged A Close Bond”
Synonyms: Build, Create
8.Cohesive
Meaning: Characterized By Or Causing Cohesion.
Example: “Each Parish Was Formerly A Cohesive Unit”
9.Sunset Clause
Meaning: Part Of A Law Or Contract That States When It Will End, Or The Conditions Under Which It Will End.
Example: A Sunset Clause In The Bill Called For The Tax Cuts To Expire In 2010.
10.Regressive
Meaning: (Of A Tax) Taking A Proportionally Greater Amount From Those On Lower Incomes.
Example: “Indirect Taxes Are, As A Group, Regressive”
11.Sought
Meaning: Attempt Or Desire To Obtain Or Achieve (Something).
Example: “The New Regime Sought His Extradition”
Synonyms: Pursue, Attempt
12.Procurement
Meaning: The Action Of Obtaining Or Procuring Something.
Example: “Financial Assistance For The Procurement Of Legal Advice”
13.Diktats
Meaning: An Order Or Decree Imposed By Someone In Power Without Popular Consent.
Example: “A Diktat From The Bundestag”
14.Stipulate
Meaning: Demand Or Specify (A Requirement), Typically As Part Of An Agreement.
Example: “He Stipulated Certain Conditions Before Their Marriage”
Synonyms: Specify, Demand
15.Forays
Meaning: A Short Period Of Time Being Involved In An Activity That Is Different From And Outside The Range Of A Usual Set Of Activities.
Example: She Made A Brief Foray Into Acting Before Becoming A Teacher.
