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 .

ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว

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