: CAIT launches an ecommerce purification week against foreign ecommerce companies #FinanceIndia #StockMarketNEWS CAIT launches an e-commerce purification week against foreign e-commerce companies New

@StockMarketNEWS Mon 14 Jun, 2021

Posted in: #FinanceIndia #StockMarketNEWS

CAIT launches an ecommerce purification week against foreign ecommerce companies #FinanceIndia #StockMarketNEWS
CAIT launches an e-commerce purification week against foreign e-commerce companies New Delhi, Jun 14 (KNN) For more than the last 5 years, Amazon, Walmart-owned Flipkart and many other foreign-funded e-commerce companies have indulged into all kinds of unethical business practices with an objective of taking control of not only the e-commerce but even the retail business of India, said CAIT.

The traders body further said that their sinister designs have greatly vitiated the e-commerce landscape of the Country.

In view of such a situation, the Confederation of All India Traders (CAIT) has launched an "e-commerce purification week" from tomorrow to 21st June,2021 which is gaining massive support from thousands of trade associations across the Country, it added.

During the e-commerce purification campaign, the trade organizations across the country will hand over a memorandum to the District Collectors of all states in the Country. On the other hand, the trade delegations will meet the Chief Ministers and Finance Ministers of their respective States urging them to set up a monitoring mechanism for e-commerce trade in the State for ensuring strict implementation of FDI in e-commerce policy of the Government.

Simultaneously, the trade associations will send an e mail to Prime Minister Narendra Modi and Commerce Minister Piyush Goyal urging for an immediate direction to the CCI for beginning an investigation the business module of Amazon and Flipkart, issuance of a fresh press note removing the flaws of Press Note 2, and setting up of a Regulatory mechanism at the Centre to monitor e-commerce business in India. The CAIT has also declared to launch a digital signature campaign across the country on this issue.

The traders body further also said that in the last one year, there has been a growth of 36 per cent in e-commerce business in India, especially in personal care, beauty and wellness business, 70 per cent in grocery, FMCG products and more than 27 per cent in electronics. There is an increase in e-commerce business from 32 percent in the year 2019 to 46 per cent in the year 2020 in Tier 2 and Tier 3 cities. On the other hand, the exponential growth of usage of smart phones in India is contributing majorly in expansion of e-commerce business. The trend shows that now the middle and lower middle class in the country has adopted e-commerce as a source of meeting their requirements.

CAIT alleged that the way foreign companies like Amazon and Flipkart defied all the laws of the country, adopting predatory pricing, deep discounting, loss funding, controlling inventory, and adoption of preferential sellers have killed the small businesses in India.

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