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Swadeshi Jagran Manch is against Walmart and Flipkart deal.

Thursday - May 10, 2018 12:42 pm , Category : WTN SPECIAL

This deal will reduce the business of small business people in India; Swadeshi Jagran Manch.
MAY 10(WTN) - As you know, that the American company Walmart has announced the purchase of 77 percent stake in Indian company Flipkart for $16 billion. After this deal, where the Indian industry has expressed happiness, but on the other hand the objection against this deal has been started. The RSS-related organization “Swadeshi Jagran Manch” has opposed this deal between Walmart and Flipkart, and “Manch” has demanded to Prime Minister Narendra Modi to take “intervention” in “the interest of the nation”.

According to the information, the Swadeshi Jagran Manch has written a letter to the Prime Minister Narendra Modi regarding this deal and has requested him to ensure that the security of the agriculture sector of the country is ensured as well as the interests of the people of lower level of the society. The Swadeshi Jagran Manch has said, “Walmart has attempted to enter in the Indian market by Flipkart's acquisition.” The Swadeshi Jgran Manch says that this will have a profound impact on small and medium businesses and small shopkeepers in India.

According to the Swadeshi Jagran Manch, this deal will reduce the business of small business people and will affect the crores of families across the country. The Manch says that their protest is against foreign investment in India in the field of e-commerce. The forum has allegation that the Walmart and Flipkart’s deal will allow to this foreign company’s (Wallmart) empire to be established in the country's market by both Walmart offline and online and due to this, the turnover of small business people will be destroyed.

Swadeshi Jagran Manch says that foreign investment should be through equity. The Swadeshi Jagran Manch’s opinion is that FDI in the retail business is not good for the Indian economy. Therefore, the government should take any appropriate steps for this.

For your information,that there has been a lot of clamor against foreign companies in Indian retail market. Now, while Walmart has bought 77 percent stake in Flipkart, the Swadeshi Jagran Manch has fear that this may be possible that Walmart will gradually take possession in Indian retail market, if this happens, so this will be a cause of unemployment of millions of small traders in India. By the way the time will show that the menace of Walmart and Flipkart’s deal will be right or not as the Swadeshi Jagran Manch is saying.
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