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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."

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