CAIT will launch a new round of nationwide protests against Walmart- Flipkart deal

By

Isabelle Crossley

Published
Jul 30, 2018

The Confederation of All India Traders (CAIT) has announced that it will launch yet another round of India-wide protests against the Walmart- Flipkart acquisition deal and that it will target the Enforcement Directorate (ED) and the Reserve Bank of India (RBI).

The Press Trust of India reported that CAIT said in a statement: "Since the Union Commerce Minister while addressing the traders at the Convention informed that complaint against the deal [between Walmart and Flipkart] and e-commerce companies have been sent to ED and RBI, the CAIT has decided to organise countrywide demonstrations at the offices of ED and RBI demanding expeditious enquiry in to the complaints." These demonstrations will follow the India wide CAIT protest that took place on July 2.

The Minister for Commerce, Suresh Prabhu, stated last week that that the ministry has asked the ED to address complaints about the deal. Complaints assert that the US-based business Walmart acquiring 77 percent of Flipkart would violate foreign direct investment norms and is therefore illegal. CAIT also believes that the deal would harm Indian traders. However, Walmart has consistently stated that the deal is in line with Indian regulations.

CAIT has also contacted the Competition Commission of India (CCI) and filed its objections there. Along with opposing the Walmart- Flipkart deal, CAIT is also demanding the formulation of a new e-commerce policy as well as the creation of a regulatory authority dedicated to the sector.