A day after Walmart CEO writing a letter to Prime Minister Shri Narendra Modi asking for stable business environment in India, the Confederation of All India Traders (CAIT) in a communication sent to Prime Mister Shri Modi today came down heavily on Walmart CEO and termed his letter as a pressure tactics and strongly condemns the attempt by him to intervene or meddle in India’s internal affairs and policy making.
|| TAC News Bureau
CAIT National President Mr B C Bhartia & Secretary General Praveen Khandelwal in communication to PM Modi said that Traders of the Country firmly believe that there is no instability in the economic foundations or policy structure of the Government. “These kind of rhetoric by Global players are nothing but a pressure tactic to find a headway into the large existing business Potential of India’s 45 Lakh crore retail market and directly control our economy by indulging in unfair and monopolistic business practices at a time when Hon’ble Union Commerce Minister Shri Piyush Goyal has very categorically made a public statement that E commerce entities have no right to offer any discount or indulge into any kind of predatory pricing.” said both Mr Bhartia & Mr Khandelwal.
We would like to bring to your kind notice that the people those who are giving sermons are already engaged into several kinds of unethical and unfair business practices around the globe and have been penalized several times and are facing investigations in different countries. Recently the Walmart was fined USD 283 Mn by US authorities over bribery charges in India, Brazil, China & Mexico for the period pertaining to 2011. Walmart has to pay the above amount to US Department of Justice and Securities And Exchange Commission of USA.- said CAIT.
It further said that Likewise, in September 2019, Amazon was fined for 4 Million Euros in France over competition issues by Paris Commercial Court. It is noteworthy to mention that the European Union is also conducting an anti- trust investigation against Amazon. Beside these examples these companies are facing various such charges in different countries. We fail to understand if these companies have any moral high ground to preach about business stability or environment to our nation.*
Both Mr Bhartia & Mr Khandelwal said that business model of Amazon & Flipkart is nothing but a valuation game of numbers to increase market share and completely destroy the basic foundation and market structure of such a robust Indian Retail sector and also finding ways to re route the money.
The CAIT has urged the Prime Minister not to concede any ground to these unscrupulous corporate or buckle to the pressure which they are attempting to create for their own personal gains by disregarding the sanctity of India’s well defined laws & policies. “We sincerely hope that you will prioritize the interests of seven crore traders of India and will take every step to ensure that these foreign companies comply strictly with the laws and policies of the Government in letter and spirit. We stand with you wholeheartedly to make India a 5 Trillion Economy.”– said both trade leaders.