As Walmart Inc acquired 77% stake in Flipkart, an RSS affiliate Swadeshi Jagran Manch (SJM) on Thursday, May 10, alleged that the US retail giant Walmart was ‘evading’ rules for a ‘back-door entry’ into India with its USD 16 billion. The agitated members of the group also sought Prime Minister Narendra Modi’s intervention to safeguard the ‘national interest’. In a letter, written to PM Modi, they asked to ensure that interest of those at the lowest of the pyramid in agriculture and retail should be safeguarded. SJM is the economic wing of the Jan Sangh.
This will further eliminate the small and medium businesses, small shops, and an opportunity to create more jobs. Most of these small entrepreneurs are already battling for their existence; entry of Walmart will further create problems for them,” said the SJM’s co-convenor in the letter.
Delhi: Swadeshi Jagaran Manch (economic wing of RSS) holds protest against acquisition of e-commerce company Flipkart by Walmart pic.twitter.com/RDmb1FKiDg
— ANI (@ANI) May 10, 2018
The SJM’s co-convenor also alleged that there was a slew of violations of law in allowing the deal to happen. A copy of the letter was also dispatched to the Commerce Minister Suresh Prabhu. Responding to the letter, Prabhu has assured the SJM that matter will be keenly looked upon.
He further went on to say that Walmart is among the world’s leading importers of Chinese goods, and this act will destroy small and medium enterprises. It also hampers the growth of Make in India’ dream too, which is an initiative by the Narendra Modi government, to encourage companies to manufacture their products in India.For all the latest Business News, download NewsX App