CAIT urges PM not to yield ground to Walmart

New Delhi, Oct 22 () Traders' body CAIT on Tuesday urged Prime Minister Narendra Modi not to concede any ground to Walmart and other overseas e-commerce players, saying such firms have no regard for the sanctity of Indian laws and policies. Confederation of All India Traders (CAIT) wrote to the Prime Minister after Walmart CEO Doug McMillon raised issues concerning data privacy and regulatory stability for the e-commerce sector and urged Modi to reduce the number of licences and permits for the opening of new stores. Global retail giant Walmart, which has invested USD 16 billion in Flipkart, is facing challenges after the foreign direct investment rules for e-commerce marketplaces were changed by the government through a revised policy on FDI in online retail. In the letter, CAIT Secretary General Praveen Khandelwal said: "These kind of rhetorics by global players are nothing but a pressure tactic to find a headway into the large existing business potential of India's Rs 45 lakh crore retail market..." He also accused e-commerce firms of attempting to directly control India's economy by indulging in 'unfair and monopolistic' business practices. "We urge you not to concede any ground to these unscrupulous corporates 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 and policies," Khandelwal said. He exuded confidence that the Prime Minister will prioritise the interests of seven crore traders across the country and ensure that these foreign companies comply strictly with the laws and policies of the government in letter and spirit. RSN CS BAL
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