Retail Traders Protest Walmart-Flipkart Deal Across The Country
Almost a million traders across from the country held protests at 1,000 locations against the $16 billion Walmart-Flipkart deal, in which the former will acquire 77 percent of the Indian e-commerce company.
The Confederation of All India Traders Association along with 10,000 other associations has made a plea to the government to reject the deal and frame an e-commerce policy and set up a regulatory body before the deal goes through.
The body of traders also said e-commerce players in the country are offering deep discounts and predatory pricing, which is hurting the fundamentals of retail trade, it said in a press release.
The traders have written to the government and the Reserve Bank of India to prevent this deal, fearing a significant loss of business.
Walmart India said in a press release that it's been contributing to the Indian economy for years through its cash-and-carry business and helping kiranas (mom-and-pop stores) modernise. “Our continued efforts have been to support domestic manufacturing in India by sourcing locally from SME suppliers, small farmers and women-owned businesses.”
The statement also said India is an important country from where Walmart sources a significantly large volume of products for other markets. It also said the government allows 100 percent FDI under the automatic route in a marketplace e-commerce model. “Our partnership with Flipkart will provide thousands of local suppliers and manufacturers access to consumers.”