'It’s not as if they are doing a great favor to India when they invest a billion dollars,' trade minister snubs Amazon as its CEO Jeff Bezos visits the country
) hasn’t done India any big favours by announcing a new $1 billion investment, its trade minister said on Thursday, laying bare tensions with the U.S. online retail giant during a visit to the country 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.Amazon did not respond to a request for comment.
Goyal welcomed Amazon’s investment over recent years, but questioned whether the funds merely covered losses incurred through discounting.Amazon’s marketplace unit in India reported a loss of 56.85 billion rupees in the fiscal year ending March 2019, the Economic Times reported in October, citing filings on India’s Registrar of Companies. Reuters could not immediately access the filings.
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