Amazon's Jeff Bezos Arrives in India, Protests and An Antitrust Investigation Welcome Him
Explained
As Amazon's Jeff Bezos arrives in India, protests and an antitrust investigation welcome him. Government could offer incentives to Apple and Samsung suppliers to open factories in the country.
Bezos in India: Jeff Bezos is in India this week and he had some important announcements to make.
“Over the next five years, Amazon will invest an incremental $1bn to digitise micro and small businesses in cities, towns, and villages across India, helping them reach more customers than ever before,” Amazon's founder said in a statement. “This initiative will use Amazon’s global footprint to create $10bn in Indian exports by 2025."
India is an important emerging market for global players like Amazon. According to the company, it has amassed over 500,000 sellers in India, whose e-commerce market is projected to grow to $150bn in the next three years.
But Bezos was welcomed with more than a red carpet. Protests and an antitrust probe also greeted the world's richest man.
The Confederation of All India Traders (CAIT), a trade group representing 60m merchants across the country, said it was organising protests in 300 cities to publicise what they describe as predatory pricing and anti-competitive practices of Amazon (and Flipkart). And only two days ago, the Competition Commission of India (CCI) opened an antitrust probe into the e-commerce giants to find whether they have exclusive arrangements with smartphone vendors and are giving preferential treatment to some sellers. TechCrunch
Inciting Incentives: India is considering a plan to offer subsidised loans to mobile handset manufacturers in a bid to attract Apple And Samsung suppliers to open factories in the country. Click here to read more details.
FIN.
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.