Amazon's $1 billion investment in India no big favor: minister

FILE PHOTO: Amazon boxes are seen stacked for delivery in the Manhattan borough of New York City, January 29, 2016. REUTERS/Mike Segar/File Photo

NEW DELHI - Amazon hasn’t done India any big favors by investing $1 billion in the country, its trade minister said on Thursday, laying bare the tensions with the U.S. online retail giant during a visit by its CEO Jeff Bezos. Amazon and Walmart’s Flipkart are facing mounting criticism from India’s brick-and-mortar retailers, which accuse the U.S. giants of violating Indian law by racking up billions of dollars of losses to fund deep discounts and discriminating against small sellers. The companies deny the allegations.

“They may have put in a billion dollars but then if they make a loss of a billion dollars every year then they jolly well have to finance that billion dollars,” Indian trade minister Piyush Goyal told a security conference in New Delhi.Bezos, who is currently in India, said on Wednesday Amazon would invest $1 billion to bring small businesses online in the country, seen as part of the company’s efforts to dispel criticism.

Ahead of Bezos’ visit, the Competition Commission of India launched a probe into Amazon and Flipkart to look at allegations of deep discounts and whether the companies discriminate against small sellers.Reporting by Aditya Kalra; Editing by Sanjeev Miglani; Editing by Mark Potter

Good saying. Accept the truth.

WSJ BBCWorld nytimes AP cnni Basically India is saying there is no happy ending for Amazon. ( massage term)

Yea an investment is done in favor only if it is a charity.. But Wikipedia says Amazon isn't any charity

Yeah , it’s no favour . It’s Business , it’s not charity or philanthropy. Simple .

ایران آخرین اخبار, ایران سرفصلها

Similar News:همچنین می توانید اخبار مشابهی را که از منابع خبری دیگر جمع آوری کرده ایم، بخوانید.

Under fire in India, Amazon offers small business owners $1 billion olive branchUnder fire in India, Amazon CEO offers small business owners $1 billion olive branch during a goodwill visit by Sankalp_sp AdityaKalra He is a f****** freak Lol this is the 1% in the world. They operate by just trying to throw money at people until they get thier way. Imagine if you didnt have to pay ANY taxes in the US. sankalp_sp adityakalra 😱 FUNNIEST VIDEO ON YOUTUBE!!! WATCH THIS NOW!!! 🤣🤣🤣
منبع: Reuters - 🏆 2. / 97 ادامه مطلب »

Jeff Bezos said Amazon is investing $1 billion in India - Business InsiderJeff Bezos' arrival in India was met by protesters who claim Amazon is driving small retailers out of business by undercutting them on price. India had better watch out because they may be looking at the next guy who stands behind the throne and Whispers out the orders of the day
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »

Amazon’s Bezos Pledges New $1 Billion India Investment Amid PushbackDuring a visit to India, Jeff Bezos says the new money is meant to help more local businesses start selling on Amazon’s marketplace, as Indian policy makers have been tightening restrictions on U.S. companies. 1 Bil ... Made in the good old USA...? India should apply 'Trump policy on business' more on Chinese firms minting money without any contribution to Indian economy or product development,instead of US businesses considering Chinese hostile policies on Kashmir, hurting Indian interests.
منبع: WSJ - 🏆 98. / 63 ادامه مطلب »