JAMMU, MAY 12: In the biggest ever E-Commerce deal, the US based global retail giant Walmart has acquired the Bhartiya online retail company Flipkart for staggering $ 16 billion (INR 1.12 Lakh crores) by acquiring the 77 percent equity stake.
Addressing a press conference here today, Satish Kumar, the Akhil Bhartiya office bearer of Swadeshi Jagran Manch (SJM), said that on May 9 SJM has written a letter to Prime Minister Narendra Modi against the deal and appealed to take action to protect the interests of the small and weak Bhartiya retailers.
He informed that SJM national co-convenor, Ashwani Mahajan has written this letter complaining about series of violations in allowing the barge entry of global retail giant Walmart hurting national interests.
Satish Kumar further added that SJM is of the opinion that FDI in multi-brand retail will demolish the entrepreneurship opportunities, will prove anti-farmers and will also dent the job creation opportunities in the Bhartiya market. FDI in multi brand retail should be prohibited, he added.
SJM believes that Walmart is using the e-commerce route to circumvent the rules to attack the Bhartiya market, he said adding it is to be noted that nowhere in the world, Walmart has a market place model.
SJM has decided to launch the nation-wide protest against this predatory and anti-domestic economic deal.
Satish Kumar apprised that in the recently-held National Council Meeting at Ahmedabad, the SJM has passed three important resolutions regarding need to make the employment centric development policy, ensuring affordable health and protecting domestic economy.