WEF India Economic Summit Live Updates: US Secretary of Commerce Wilbur Ross raises trade deficit issue

US Commerce Secretary at the World Economic Summit in India on Thursday said he believed India would be able to sustain a "balancing act" between small retailers and international e-commerce giants like Amazon and Walmart. Union Minister Piyush Goyal said India was not opposed to e-commerce but needed to protect smaller firms, and that the spirit of the Indian law was to protect small retailers, couldn't let them fall.

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1.00 PM: Union Minister Piyush Goyal on Thursday said that India's stand on the issue of high tariffs on US products and regulations concerning e-commerce companies was very clear and that the "spirit of Indian law" was to "protect small retailers".