Mr. Jeff Bezos – CEO of Amazon.com Inc. is on his India visit. Wearing a white tunic and a colored Indian vest, Mr. Bezos paid his tribute at Mahatma Gandhi memorial. He is scheduled to hold a meeting with Amazon India Chief, Amit Agarwal. Also, he will be anchoring an event featuring Narayana Murthy – Co-founder of Infosys and Kishore Biyani – Retail billionaire.
India’s Antitrust regulator has initiated a formal investigation and trader bodies which comprises many Small and Medium store owners declared demonstrations. All India Traders announced that all members across the country would stage sit-ins and public rallies in more than 300 cities to raise a war cry. The confederation’s Secretary General Mr. Praveen Khandelwal has penned a letter to the Prime Minister Mr. Narendra Modi last week alleging Amazon as ‘Economic Terrorist’ just like Walmart Inc. owned Flipkart. Mr. Praveen has reasoned the predatory pricing that deprives the government of tax revenue and ‘compelled the closure of thousands of small traders’ as the prime reason why they are opposing. In light of these events, Mr. Bezos is facing a bitter welcome.
According to a 2018 report published by NASSCOM and consulting firm PwC India, the e-commerce market in the country is estimated to grow to $150 Billion by the year 2022. The growth rate intensified the competition and with Mukesh Ambani preparing to go live with JioMart – an online shopping platform challenges Amazon and Walmart directly. To stay ahead in the race, Amazon has inaugurated a huge office in the southern part of Hyderabad while Walmart owned Flipkart is spreading its
networks in the countryside to create a large customer base.
The traders and merchants have argued that these giants were flouting rules by promoting sales and offering discounts through their favored sellers. The regulator has ordered the investigation.