RSS affiliate Swadeshi Jagran Manch (SJM) on Wednesday alleged that US retail giant Walmart was "circumventing" rules for a "back-door entry"
Walmart CEO Doug McMillon and Flipkart Co-Founder and CEO Binny Bansal in Bengaluru, on Wednesday. Pic/PTI
RSS affiliate Swadeshi Jagran Manch (SJM) on Wednesday alleged that US retail giant Walmart was "circumventing" rules for a "back-door entry" into India with its $16 billion majority stake acquisition of Flipkart and sought Prime Minister Narendra Modi's intervention to safeguard "national interest".
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The SJM's letter to the prime minister, asking him to ensure that interest of those at the bottom of the pyramid in retail and agriculture space are safeguarded, came on a day Walmart Inc acquired 77 per cent stake in Flipkart.
The SJM, which is the economic wing of the Sangh, claimed that Walmart is using e-commerce route to circumvent existing rules, which bar foreign companies in multi-brand retail and dubbed its acquisition of Flipkart a "back-door entry" into Indian market. "This will further eliminate the small and medium businesses, small shops, and opportunity to create more jobs," the SJM's co-convenor said in his letter.
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