Traders stage demonstration over US companies merger with Indian ones

Source: The Hitavada      Date: 03 Jul 2018 11:22:03



Staff Reporter


Various traders as well as retailers of Durg district have taken to streets of Durg and Bhilainagar cities to protest against United States of America (USA) retail giant Walmart’s potential acquisition of online retailer Flipkart, raising concerns about losing business of deal concludes. Organised by Confederation of All India Traders (CAIT), the protest was aimed at the Competition Commission of India (CCI) to reject this deal of Walmart’s proposal to pick up a 77% stake in Flipkart. The trade body is also demanding for an ecommerce policy and an eco commerce regulatory body.

‘We hope for the government to respond to this protest and take an action against the Walmart-Flipkart deal,’ said Prahalad Rungta, district president of CAIT. We are also waiting to officially hear back from CCI as we have filed a petition with them as well’ he added. It is learnt that, Walmart believes that this deal will benefit India by providing ‘quality as well as affordable’ goods to customers and opportunities to small suppliers, farmers, and entrepreneurs. “In line with government’s FDI policy that allows 100% FDI under automatic route in marketplace ecommerce model, our partnership with Flipkart will provide thousands of local suppliers and manufacturers access consumers through the marketplace model,” mentioned by Walmart in the site. “This partnership will support SME suppliers, farmers in the country to get access to the market through this platform and boost local manufacturing in India.”

Currently Walmart India operates its cash-and-carry business across 21 Best Price Modern Wholesale stores in India.
The company plans open 50 more stores in the next few years with 5-7 set to be launched this year. On the other hand, Sanjay Choubey, In-charge of IT Cell of CAIT Chhattisgarh stated that this deal will affect the prices of all goods including furniture, electronics and garments. So it is necessary for centre to take some step regarding it immediately.