Amid debate over India’s new e-commerce rules, Commerce Minister Piyush Goyal had said the government is committed to protecting small traders. Goyal said on Twitter that he had met Walmart International’s CEO, Judith McKenna, and discussed ways of boosting ‘Make in India’ products.
PiyushGoyal met President & CEO of Walmart International, Judith McKenna and discussed local sourcing and boosting sales of ‘Made in India’ products, which will benefit local businesses and the overall domestic market.
Walmart-owned Flipkart is one of the major e-commerce firms that has been hit by India’s new FDI policy for e-tailers. As per the new e-commerce rules, these giants are barred from selling products via firms in which they have stake and also from making deals with sellers to sell exclusively on their platforms. In the past six months, several Walmart executives, including Chief Executive Doug McMillon, have publicly said the company was disappointed by the government’s decision.
Moreover, a Reuters report has revealed that Walmart told the US government privately in January that India’s new investment rules for e-commerce were regressive and had the potential to hurt trade ties. Last year, the Bentonville-based retailing major completed the acquisition of 77 percent stake in Flipkart for about $16 billion (Rs 1.05 lakh crore), a deal which gave the US retailer access to India’s e-commerce market.―Business Today