Amazon Not
Doing India a Favour by Investing Billion Dollars, Says Commerce Minister
Piyush Goyal
Goyal who
made the statement at the Raisina Dialogue here, is also unlikely to meet the
e-commerce major's CEO. Amazon has come under investigations on multiple
counts, including deep discounts and exclusive tie-up with preferred sellers,
in India.
New Delhi:
At a time when Amazon’s Global CEO Jeff Bezoz is on a visit to India, Union
Commerce Minister Piyush Goyal said that Amazon is not doing India a favour by
investing a billion dollars.
“Message to
investors is please follow letter and spirit of law. Amazon not doing a favour
to India by investing a billion dollars. If they are getting a billion to
finance losses then question to be raised is where the loss came from,
authorities will seek answers,” Goyal said during an event on Thursday.
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“Message to investors is please follow letter
and spirit of law. Amazon not doing a favour to India by investing a billion
dollars. If they are getting a billion to finance losses then question to be
raised is where the loss came from, authorities will seek answers,” Goyal said
during an event on Thursday.
Goyal who
made the statement at the Raisina Dialogue here, is also unlikely to meet the
e-commerce major's CEO. Amazon has come under investigations on multiple
counts, including deep discounts and exclusive tie-up with preferred sellers,
in India.
It had faced
similar investigations in the EU and the US. On Monday, in a major setback
ahead of Bezos' India visit, fair market watchdog, the Competition Commission
of India (CCI) ordered an inquiry into the operations of both Amazon and
Flipkart on multiple counts, including deep discounts and exclusive tie-up with
preferred sellers.
Finding
merit in the allegations levelled by traders' body Delhi Vyapar Mahasangh, the
commission asked its director general (DG) to complete the investigation in 60
days from the receipt of the order.
Meanwhile,
traders across 300 cities of the country have planned to hold protests under
the aegis of the Confederation of All India Traders (CAIT) during Bezos' visit.
Amazon.com
Inc will invest $1 billion in digitizing small- and medium-businesses in India
and expects to export $10 billion worth of India-made goods by 2025, Bezos said
on Wednesday.
Speaking at
a company event in New Delhi, Bezos said he feels the 21st century is “going to
be the Indian century.” He also confirmed the company will export $10 billion
worth of Make in India goods by 2025.
Bezos was in
India for a two-day event being organised by Amazon for small and medium
businesses. The event kicked-off in Delhi where he met key leaders and
policymakers, as well as Prime Minister Narendra Modi.
(content is not origical, taken from other sources)
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