Confederation of All India Traders (CAIT), received a major boost in its fight against e-commerce firms as the Commerce Ministry has forwarded complaints made by the body to Enforcement Directorate (ED) and RBI.
After top executives at both Walmart and Flipkart have assured that Flipkart’s board of directors will remain independent, the e-commerce site’s co-founder and CEO, Binny Bansal has revealed his plans moving forward.
Walmart said on Monday that it has sold an 80 percent stake in its Brazilian operations to private equity firm Advent International, exiting an underperforming business in its third major international deal since April.
Confederation of All India Traders (CAIT), a body representing traders has petitioned the Enforcement Directorate accusing e-commerce major Flipkart of violating government's foreign direct investment (FDI) policy.
With nearly 500 million Indians using the internet in 2018 and many just dipping their toes into online shopping, private labels will woo price-sensitive customers and create loyalty and higher margins, say analysts.