A day after Walmart CEO wrote a letter to Prime Minister asking for stable business environment in India, the Confederation of All India Traders (CAIT) in a communication sent to the PM came down heavily on Walmart CEO and termed his letter as pressure tactics.
“These kind of rhetorics by global players are nothing but a pressure tactic to find a headway into the large existing business Potential of India’s 45 Lakh crore retail market and directly control our economy by indulging in unfair and monopolistic business practices,” the traders body maintained in its communiqué to the prime minister.
The note further emphasized that the business model of Amazon & Flipkart is a valuation game to increase market share and completely destroy the basic foundation and market structure of a robust Indian Retail sector. “We sincerely hope that you will prioritise the interests of seven crore traders of India and will take every step to ensure that these foreign companies comply strictly with the laws and policies of the Government in letter and spirit. We stand with you wholeheartedly to make India a 5 Trillion Economy,” the association urged in its message.