India store owners reportedly protest Walmart’s Flipkart deal
Shopkeepers across India are not happy about Walmart’s latest business venture.
Approximately one million local traders were expected to hit the streets on Monday to protest Walmart's $16 billion takeover of Indian e-commerce leader Flipkart, according to Reuters.
The Confederation of All India Traders (CAIT) told Reuters that Walmart’s buyout of Flipkart will create a monopoly and drive mom-and-pop stores out of business. India currently allows 100% foreign direct investment in e-commerce firms that operate on an online marketplace-based model.
While the turnout was much lower than expected, “This is the first phase of our protest. And if the government doesn’t listen, we will decide our future course of action at our national convention in Delhi later this month,” Praveen Khandelwal, the CAIT secretary general told Reuters.
To read more, click here.
Approximately one million local traders were expected to hit the streets on Monday to protest Walmart's $16 billion takeover of Indian e-commerce leader Flipkart, according to Reuters.
The Confederation of All India Traders (CAIT) told Reuters that Walmart’s buyout of Flipkart will create a monopoly and drive mom-and-pop stores out of business. India currently allows 100% foreign direct investment in e-commerce firms that operate on an online marketplace-based model.
While the turnout was much lower than expected, “This is the first phase of our protest. And if the government doesn’t listen, we will decide our future course of action at our national convention in Delhi later this month,” Praveen Khandelwal, the CAIT secretary general told Reuters.
To read more, click here.