For months, offline retailers and traders have been lobbying hard for a national retail policy to protect their business from the growing influx of e-commerce.
Last November, a lawyer for Future Retail Limited (FRL) told Delhi high court that Amazon is interfering with its lawful business and thousands may lose their jobs and FRL may go bankrupt. Senior advocate Harish Salve, who appeared for FRL, likened Amazon to East India Company. Senior advocate Gopal Subramanium, who represented Amazon, told the Future counsel to keep the "East India Company" rhetoric aside, as Amazon has invested $6.5 billion all over India and created 900,000 jobs. This drama played out in the case in which Amazon has challenged Future's $3.4-billion deal with Reliance, alleging the retailer's deal breached an agreement with the American e-commerce firm.
Traders' body CAIT on Wednesday accused e-commerce major Amazon of indulging in serious contraventions of FDI policy and Foreign Exchange Management Act. The body also blamed the online firm for not seeking the government's approval for conducting multi-brand retail activities in India.
The Union government on Tuesday said it has issued 202 notices to e-commerce players for incorrect declaration of 'country of origin' on products on their platforms in the last one year. The maximum number of such violations were found with respect to electronic appliances, followed by clothing and home products. Out of 217 notices, 202 notices were issued for violations relating to 'country of origin' norm.
The exchange moved through many ups and downs through the years.
The founding members of The E-Commerce Council of India include Snapdeal, ShopClues, UrbanClap, Shop101, Flyrobe and Fynd, among others.
The initiative is being undertaken by the government of Karnataka, considered one of the leaders in the technology space. Currently, India doesn't have such a platform and, globally, there are very few privately-run platforms.
Gupta's exit comes days after Zomato decided to stop its grocery delivery service from September 17, mainly due to gaps in order fulfilment, leading to poor customer experience.
It is time to shrug off the ideological shackles about the way we work, play and live, says Ajit Balakrishnan.
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
Company may look at 5-6 launches a year as the market for premium and niche products grows
'Walmart will source globally and more from China and will dump these cheap goods in India, making our country a dumping yard.'
RustOrange co-founders Samik Sarkar, Shashank Agnihotri and Kuvalaya Singh share their story and learnings.
Radhakishan Damani is the only billionaire to see his wealth grow by around 20% during the lockdown.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
Technology start-ups that got listed in the last few quarters reported a hit to their December-quarter (Q3FY22) profitability due to higher marketing and employee costs. While fintech firms Paytm and PB Fintech saw their losses widen by 45 per cent year-on-year (YoY) to Rs 778 crore and 55 per cent to Rs 295 crore, respectively, food delivery company Zomato remained in the red despite narrowing its net loss by 81 per cent to Rs 66 crore. Meanwhile, online fashion and beauty products seller Nykaa saw its net profit drop 59 per cent to Rs 28 crore in Q3FY22.
A Mumbai court on Wednesday rejected the bail plea of businessman Raj Kundra, arrested in a case of alleged creation of pornographic films and publishing them through apps, after the prosecution contended the police investigation was still on and his release at this juncture will derail the probe.
Goyal wondered why an e-commerce market place model, where a firm provides an IT platform for buyers and sellers, was incurring such huge losses adding that it needs to be looked into.
As share of cash volumes in trading mix sees decline, it will result in moderation of profitability from core broking operations.
The Centre has asked all states to set up special search committees to find out talented people who could be nominated for Padma awards but so far have been left out of consideration despite their exceptional contributions.
In two months, as many as 25 complaints have been sent to Enforcement Directorate, Competition Commission of India, Reserve Bank of India and income tax department, beside various state agencies, to thwart the deal.
Investors need to evaluate the offerings of a broker in totality before selecting one.
From fast food and athleisure to ACs, the demand for several non-discretionary items has spiked since May 17, when Lockdown 4.0 was extended till May 31.
The gems and jewellery industry is staring at a sales washout on Akshaya Tritiya for the second consecutive year as most of the states are under lockdowns due to the raging second wave of the COVID-19 pandemic which has led to negative consumer sentiment, say industry leaders. Akshaya Tritiya, considered as an auspicious day for buying gold and jewellery, falls on May 14 this year. India is the worst-hit among all nations with the second wave of the pandemic, which has been killing more than 3,500 daily and infecting close to 4 lakhs daily for weeks. The massive caseload has nearly paralysed the medical infrastructure.
The government plans to rationalise trade margins for many other medical devices, besides stents and knee implants.
Online learning platforms have become go-to places for those suffocated by the current curbs on movement.
Ties between India and Pakistan nosedived after a terror attack on the Pathankot Air Force base in 2016 by terror groups based in the neighbouring country. Subsequent attacks, including one on Indian Army camp in Uri, further deteriorated the relationship.
In addition to Modi's address, the programme is also expected to include a cultural programme that showcases the Indian-American community and will be broadcast live online and on television channels, reaching over 1 billion people across the US and India, the organisers said.
In a 26-page order, the fair trade regulator said there exists a prima-facie case for investigation against MMT-Go and OYO for alleged violation of the provisions of Section 3(4) of the Competition Act.
The estimated size of the Durga Puja economy could be about Rs 2.75 trillion in 2021 had there been no pandemic, points out Atanu Biswas.
Australia will join the United States in a diplomatic boycott of the Winter Olympic Games in Beijing, Prime Minister Scott Morrison said on Wednesday, as other allies weighed similar moves to protest China's human rights record.
The product was banned for export earlier, but has now been moved to the restricted category, under which an exporter would have to seek a licence from the government for shipments.
Internet services remained disrupted for the fifth day at the site on Delhi's outskirts where protesters are occupying a stretch of the Delhi-Meerut highway since November, even as a Ghaziabad Police officer told PTI that online connectivity has been restored but there could be glitches.
...Are algos taking over from 'shoeshine and a smile', asks Ajit Balakrishnan.
Capital dumping is being used by foreign e-commerce firms to subsidise and engage in predatory pricing, oil-to-telecom conglomerate Reliance Industries (RIL) has told the Associated Chambers of Commerce and Industry of India (Assocham) in an internal document. The document alleges that this is leading to massive unemployment and financial distress among small merchants and kirana stores. It consists of various recommendations and proposed changes that deal with Press Note 2 of 2018 (PN 2), which RIL wanted Assocham to present to the government, according to sources.
Many industry executives have said the draft e-commerce policy is being perceived as nationalistic but not overly protectionist and it is providing preference to Indian players against foreign companies. This might have an impact on investment by large players such as Walmart and Amazon in the country, said the executives. They said e-commerce was a very small portion of the retail industry and at a nascent stage and did not require heavy hammer regulations. Though the policy talks about being equally applicable to foreign and domestic players, it mentions that foreign direct investment (FDI) takes precedence over the e-commerce policy in any area of overlap.
While the likely intensity of the third wave is still a matter of debate, wisdom lies in being financially prepared for it, advises Bindisha Sarang.
In the Silicon Valley of India, one can use the cryptocurrency to pay for food, buy bus tickets, order stuff online, and even get a haircut.
Include digital assets in a will, as e-mail and social networking websites don't provide account access to legal heirs.
Pre-Diwali Dhanteras sales of gold and silver witnessed a tepid response from consumers on Thursday on account of high prices of the precious metals and sluggish demand due to COVID-19 induced economic hardship, according to jewellers and industry experts. However, jewellers are expecting maximum footfalls on Friday as Dhanteras -- considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils -- is being celebrated for two days this year.
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