Walmart-Flipkart $16 bn deal to hit India's retail sector, says traders body CAIT

New Delhi: Traders' body CAIT on Thursday said Walmart's $16 billion acquisition of home-grown retailer Flipkart will affect India's retail sector "very badly" and demanded scanning and scrutinising the deal from "different angles" by the government.

US retailer Walmart Inc has announced acquisition of 77 percent stake in Flipkart in its biggest takeover till date. The deal values the 11-year old Indian e-commerce firm at $20.8 billion.

"A regulatory authority should be constituted by the government which should scan the details of Walmart-Flipkart deal and it should be scrutinised from different angles like competition and cyber security, predatory pricing, deep discounting and loss funding," CAIT Secretary General Praveen Khandelwal told PTI.

Walmart. Representational image. Reuters

Walmart. Representational image. Reuters

"After assessing the deal, we will either represent to government or to the Competition Commission, or we will go to court," he added.

Besides, Khandelwal said traders are facing several problems with regard to GST portal, adding that the traders' body has submitted representations to the finance ministry in this regard.

The Confederation of All India Traders (CAIT) on Thursday launched a nationwide campaign to popularise Bharat QR, for the trading community to embrace this payment solution. In the first phase, CAIT will train 1,000 traders and organise 300 workshops, conferences and seminars till 2 October.

"The basic reason why we are promoting Bharat QR is the GST Council has taken a decision that on digital transactions they will be offering discounts which will be 1.5-2 percent but the situation on the ground is that most of the traders do not have digital payment means with them," Khandelwal said.

According to him, Bharat QR will play a pivotal role in encouraging over 60 million micro and small merchants to accept digital payments.

Bharat QR, the world's first asset light, interoperable payment solution, offers seamless, safe and secure transactions to both merchants and consumers.

Updated Date: May 10, 2018 16:30 PM

Also Watch

It's A Wrap: Omerta star Rajkummar Rao in conversation with Parul Sharma
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Thursday, April 19, 2018 Watch: National-level skater and coach Dhwanit Rele trains and nurtures budding athletes
  • Monday, May 14, 2018 FOMO Episode 1: Google Assistant, This is America, Sonam's wedding & Global Warming
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See