Walmart-Flipkart deal: 4 reasons why traders are holding nationwide protest against $16 billion deal

Walmart-Flipkart deal: 4 reasons why traders are holding nationwide protest against $16 billion deal

July 3, 2018- On Monday, around 10 lakh traders were holding a protest, nearly 1,000 places across the country, to mark the opposition for the $16-billion deal between Walmart and Flipkart.

The largest traders’ body in the country, The Confederation of All India Traders (CAIT)said, “the US retail giant’s buyout of Bengaluru-based Flipkart will create a monopoly in the retail market and drive small store-owners out of business. Walmart acquired 77 percent stake in home-grown retailer Flipkart earlier this year”.

Walmart replied in a written statement conveying, “Walmart is operating and contributing to Indian economy for many years now. Through our B2B business (Wholesale cash-and-carry) in India, we are not only supporting lakhs of small kiranas succeed, but also helping them modernize. Our continued efforts have been to support domestic manufacturing in India by sourcing locally from SME suppliers, small farmers & Women-Owned Businesses. A clear testament to that is showcased in our merchandise 95% of which come from within the country”.

The secretary general of CAIT, Praveen Khandelwal replied to the Reuters that he had expected that around a million people would join the Monday’s sit-in protests across hundreds of Indian cities. He said, “This is the first phase of our protest. And if the government doesn’t listen, we will decide our future course of action at our national convention in Delhi later this month”. He added, “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”.

 

by Sawan Kumar on July 4, 2018

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