38.6c New Delhi, India, Friday, April 19, 2024
Business

10 Lakh Traders to Protest against Walmart-Flipkart Deal Today

By LawStreet News Network      02 July, 2018 12:00 AM      0 Comments
10 Lakh Traders to Protest against Walmart-Flipkart Deal Today

As Per Confederation of All India Traders on July 1st, 2018 nearly 10 lakh traders are to protest today (July, 2nd 2018) at about 1,000 places across the country against US retail giant Walmart's proposed acquisition of 77 percent stake in home-grown retailer Flipkart in a USD 16-billion deal.

The protest is being conducted by the traders believing that the e-commerce giant will vitiate the markets by indulging into all kinds of malpractices including predatory pricing, deep discounting and loss funding.

Sachin Bansal Executive Chairman of Flipkart exited completely, and will now pit US-based giants Walmart and Amazon in the Indian market.

CAIT Secretary General Praveen Khandelwal said that the "e-commerce marketplace has been vitiated to a great extent in past years by several leading e-commerce companies by indulging into all kinds of malpractices including predatory pricing, deep discounting and lose funding," and have also filed an objection in Competition Commission of India (CCI).

Further, he also said "However, we expect the government to intervene and take suitable action in accordance with various announcements of Prime Minister Narendra Modi to uplift small businesses in the country. This deal will directly affect small traders of the country who will not be able to compete with Walmart."

The body has also accused the US retail giant Walmart of having hidden agenda and said that the deal will "offend FDI policy once it is implemented and will create an uneven level playing field beside accomplishing hidden agenda of Walmart to reach out to offline trade through e-commerce way."



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

pil-filed-by-ashwini-kumar-upadhyay-in-sc-for-yr-bachelor-of-law-degree-after-class
Trending Judiciary
PIL filed by Ashwini Kumar Upadhyay in SC for 3-yr Bachelor of Law degree after Class XII

PIL by Ashwini Kumar in SC seeks to shorten law degree to 3 years post-Class XII, citing current 5-year span as irrational.

18 April, 2024 11:21 AM
centre-sets-up-high-powered-committee-to-suggest-measures-to-end-discrimination-against-queer-community
Trending Executive
Centre sets up high-powered committee to suggest measures to end discrimination against queer community [Read Order]

Centre forms committee to end discrimination against the queer community, chaired by the Cabinet Secretary, following a Supreme Court directive.

18 April, 2024 12:11 PM

TOP STORIES

lsj-exclusive-interview-how-bjp-govt-will-free-chhattisgarh-from-naxal-menace
Trending Interview
LSJ Exclusive Interview: How BJP govt will free Chhattisgarh from “Naxal menace”? [Watch Video]

What is Chhattisgarh govt's plan for solving the Maoist/Naxalite problem in the state? Will there be a surgical strike against the Naxals or solution will be found via diplomatic channels? Read the Exclusive Interview with the Deputy Chief Minister Vijay Sharma.

13 April, 2024 12:33 PM
sc-rejects-review-of-order-to-pay-rs-154-cr-compensation-to-ex-air-force-staff-for-transfusion-of-hiv-infected-blood
Trending Judiciary
SC rejects review of order to pay Rs 1.54 Cr compensation to ex Air Force staff for transfusion of HIV infected blood [Read Order]

SC denies review of Rs 1.54 Cr HIV compensation order to ex-Air Force staff for medical negligence.

13 April, 2024 03:13 PM
cji-cautions-against-overlooking-ethical-legal-consideration-on-use-of-ai-in-court-adjudication
Trending Legal Insiders
CJI cautions against overlooking ethical legal consideration on use of AI in court adjudication

CJI D Y Chandrachud warns about ethical, legal challenges in AI use in courts, stressing need for thorough review.

13 April, 2024 07:08 PM
need-to-safeguard-judiciary-from-unwarranted-pressures-21-ex-judges-write-letter-to-cji
Trending Legal Insiders
Need to safeguard judiciary from unwarranted pressures: 21 ex-judges write letter to CJI

21 ex-judges write to CJI Chandrachud urging protection of judiciary from pressures undermining its integrity and autonomy.

15 April, 2024 12:17 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email