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Amazon Not Doing India a Favour


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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