Indian retailers join CAIT to protest against Walmart-Flipkart deal
The Federation of Retailers Association of India, a body representing over 4 crore micro, small and medium retailers has joined in the protests against Walmart-Flipkart deal led by Confederation of All India Traders.
The retailers have demanded the immediate scrapping of the $16 billion (Rs 1 lakh crore) Walmart-Flipkart deal stating that it has impacted its livelihoods and if they are allowed to continue with its deep discounting model and investments in the country it could completely wipe out their businesses.
“We believe that the Walmart–Flipkart deal will jeopardise the livelihoods of India’s millions of retailers. Such collaborations of multinationals will increase the cost of doing business for the poor retailers and will severely impact our daily earnings,” in a statement said Ram Asre Mishra, president of FRAI.
“At a time when unemployment rates in the country are at their highest and our children and family members are not able to find appropriate employment, this deal would destroy us completely. We, therefore, appeal to the central government to scrap this deal," he added.
The support by retailers is a shot in the arm to CAIT which has been fighting to scrap the deal on various fronts after Walmart completed the deal on August 18 gaining 77 percent stake in Flipkart. It remains to be seen if FRAI’s support manages to turn the tide in CAIT’s favour.
CAIT has organised several country-wide protests over Walmart’s acquisition of Flipkart, but so far it has not managed to convince National Company Law Tribunal or the Competition Commission of India that the $16 billion deal flouts regulations.
Copyright © 2022 FashionNetwork.com All rights reserved.