comscore CPI(M) opposes Walmart acquisition of 77 per cent stake in Flipkart
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CPI(M) opposes Walmart acquisition of 77 per cent stake in Flipkart

The Communist Party believes that the acquisition is against the interests of the nation.

  • Published: May 10, 2018 6:59 PM IST
flipkart-stock-image

New Delhi, May 10 (PTI) Accusing the Narendra Modi government of “naked betrayal” of all promises made by it on the issue of FDI in multi-brand retail sector over the proposed takeover of Flipkart by US retail giant Walmart, CPI(M) said today that “Make in India has now become Make for India”. Also Read - Flipkart Big Diwali Sale begins today: Best deals on smartphones, smart TVs, home appliances

In a statement, the Left party said that the USD 16-billion acquisition of e-retailer Flipkart by retail giant Walmart facilitates the “backdoor entry” of foreign capital to take over India’s huge multi-crore retail trade sector. Also Read - Best 5G phone under Rs 20,000 on Amazon, Flipkart today: Realme 8s, iQOO Z3, Samsung Galaxy M32, more

“When in opposition, the BJP also opposed this move. Now in government, the BJP is facilitating the entry of foreign capital through the e-commerce route. This takeover once again exposes the naked betrayal of all promises made by the Modi government: Make in India has now become Make for India,” the statement says. Also Read - Smartphone makers report high festive sales despite chip shortage

The party condemned the move, by stating that the move would completely destroy India’s retail trade that employs more than four crore people directly and nearly one-fifth of the population is dependent on their earnings.

It is common knowledge that Walmart sources its products from international markets and now these will be sold in India which would further destroy the small scale and medium scale sector which is the largest provider of employment after the agricultural sector, the party said.

The CPI(M) has demanded that such move should not allowed.

Walmart Inc yesterday announced acquisition of 77 per cent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore) in the largest e-commerce deal which will give the US retailer access to the Indian online market that is estimated to grow to USD 200 billion within a decade.

This is published unedited from the PTI feed.

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  • Published Date: May 10, 2018 6:59 PM IST



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