Published
Jun 18, 2018
Download
Download the article
Print
Text size

CAIT seeks finance ministry's intervention in Walmart-Flipkart deal

Published
Jun 18, 2018

Confederation of All India Traders (CAIT), a body representing traders in India has sought the intervention of the finance ministry in the Walmart-Flipkart deal terming it cancerous for retail trade and economy of the country.
 

CAIT seeks finance ministry's intervention in Walmart-Flipkart deal - Flipkart- Facebook


CAIT) had earlier petitioned the Enforcement Directorate, Commerce Ministry and Competition Commission of India (CCI) seeking relief on the alleged violations by Flipkart.
 
The trader’s body is upset post the 16 billion Walmart-Flipkart deal, which it fears will give Walmart a back entry through e-commerce into the offline trade.

"The Walmart Flipkart deal will prove to be cancerous to retail trade and economy of the country," CAIT Secretary General Praveen Khandelwal said in a letter to finance minister Piyush Goyal.
 
"Although more than one month has passed but we are unable to understand what is preventing the government to take any action on this deal which is offending the FDI policy and circumventing the law. It's an open case for backdoor entry of Walmart to retail trade of India," CAIT added.
 
CAIT has further urged the finance minister to understand the seriousness and gravity of the situation and intervene in the issue since the traders have lost all hopes of getting this deal heard by commerce ministry.
 
The Confederation of All India Traders (CAIT) has also planned massive protests against Walmart’s Flipkart acquisition deal in 1,000 locations across India on July 2.

Copyright © 2024 FashionNetwork.com All rights reserved.