CAIT Holds Nation-wide Demonstration against Walmart’s Flipkart Acquisition: Says Mom-and-Pop Stores will go Out of Business

In a move to block Walmart Inc’s entry into India, shopkeepers and traders affiliated to a local lobby group organised sit-in protests across the country on Monday.

In May this year, Walmart had wrapped up Flipkart acquisition for $16 billion, a valuation of over $20 billion, which makes it the world’s biggest e-commerce deal. 

According to a report appeared on Reuters, The Confederation of All India Traders (CAIT) says the acquisition will create a monopoly in the retail market and drive small stores out of business.

Praveen Khandelwal, the secretary general of CAIT, while speaking to the news agency said; he expected one million people across hundreds of cities to join the protest.

“This is the first phase of our protest. And if the government doesn’t listen, we will decide our future course of action at our national convention in Delhi later this month,” Mr. Khandelwal said.

In response to the protest, the American giant Walmart, which currently runs 21 cash-and-carry stores in India, said on Monday it had been supporting local manufacturing in India by sourcing from small and medium suppliers, farmers and businesses run by women.

“Our partnership with Flipkart will provide thousands of local suppliers and manufacturers access to consumers through the marketplace model,” Rajneesh Kumar, senior vice president, Walmart India, said in a statement.