By K.V. Singh, The Wall St. JournalMay 16, 2018 2:26pm ISTThe Indian government has announced a pilot project for building a digital marketplace called MyBasket, which would enable companies to register their goods online and sell them to consumers.
The government, which has been trying to lure startups, is also testing a program for financing private-sector ventures through a lottery.
The online marketplace would allow buyers and sellers to pay via a smartphone app to purchase goods from vendors.
The winners would get a 50 per cent discount on the purchase price of their goods and a guaranteed minimum of 30 days of free shipping.
Indian Prime Minister Narendra Modi said the scheme would help bring new investment to the country, as more people are trying to sell their products online.
The Prime Minister said the government would introduce a lottery to facilitate the registration of goods and services.
He said the lottery would be opened on Monday, May 20, and the winner would be declared the winner on Monday.
The Prime Minister also said that the government will set up a lottery website and other mechanisms to facilitate transactions.
India’s government is experimenting with a digital platform for financing startups.
The government launched the pilot project in March and plans to roll out the scheme in the next five months.
India has some of the world’s most advanced tax and regulatory systems.
The country is the second largest exporter of food to the United States, and is a major hub for trade between the two countries.