On 23 July 2026, the Department for Promotion of Industry and Internal Trade (“DPIIT”) issued Press Note No. 3 (2026 Series) (“PN3”), introducing a significant but targeted relaxation to India’s foreign direct investment (“FDI”) framework for the e-commerce sector.[1] Under the existing framework, FDI is permitted in business-to-business (B2B) e-commerce and the marketplace model of e-commerce. However, it is not permitted in the inventory-based business-to consumer (B2C) m