Learn bits
Economy
Mahesh

03/05/22 08:47 AM IST

Open Network for Digital Commerce (ONDC)

In News 
  • The Indian government is all set to launch an Open Network for Digital Commerce to end the dominance of the US-based e-commerce companies like Amazon and Walmart in India.

ONDC 
  • The ONDC platform will let buyers and sellers interact with each other and transact online. 
  • ONDC is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
  • With the launch of ONDC, the government aims to promote an open platform for exchange of goods and services through electronic networks.
  • The open network platform will be launched in five cities including Delhi NCR, Bengaluru, Bhopal, Shillong and Coimbatore.
  • India's ONDC plan aims to onboard 30 million sellers and 10 million merchants online.
  • The plan is to cover at least 100 cities and towns by August. The government will focus on apps in local languages for buyers and sellers.
  • The apps would highlight small merchants and rural consumers.
  • Banks such as State Bank of India, ICICI Bank and Bank of Baroda have already committed total investments of 2.55 billion rupees.
Why ONDC? 
  • At present, only two large e-commerce players (Amazon and Flipkart) control more than half of the country’s e-commerce trade.
  • This creates monopolies and gives rise to issues like limited access to the market, preferential treatment to some sellers, and a squeeze on the supplier margins. To prevent such issues ONDC is being launched.

Source-PIB 

More Related Current Affairs View All

06 Aug

Hong Kong regulating and licensing stablecoins

'Hong Kong is taking a decisive step forward in regulating certain types of cryptocurrencies, as it prepares to enforce the Stablecoins Ordinance from August 1.' The new regulat

Read More

06 Aug

Money laundering

'A report submitted by the Finance Minister in the Rajya Sabha states that 5,892 cases were taken up by the Enforcement Directorate (ED) under the Prevention of Money Laundering Ac

Read More

06 Aug

Chinese Ministry of Public Security (MPS)

'Recently, the Chinese Ministry of Public Security (MPS) announced that an eight-member police team was despatched to Croatia for a “joint patrol mission.” This woul

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps