Indian traders protest against walmart

Added On May 14, 2018

Small traders and shopkeepers took to the streets in India on Saturday to protest Walmart's entry into the country's retail sector. 
"Walmart has announced it will invest in India's online retail sector, and traders suggest physical retail stores will feel the ultimate pinch."
The protest follows Walmart's majority stake buy in Indian e-commerce firm Flipkart.
In the acquisition deal, Walmart will pay about 16 billion U.S. dollars to take control of Flipkart, India's biggest online retailer.
The world's largest retailer will take a 77 percent stake, valuing the Indian company at more than 20 billion U.S. dollars.
The combination causes concerns about how the deal might affect India's smaller retailers.
In New Delhi, traders gathered at marketplaces, shouting slogans and holding placards reading 'Walmart, Go Back' as they demanded India's government intervene in the issue.
SOUNDBITE1(HINDI): VARUN RAJ SINGH, President of All India Diamond Traders Association
"If a company like Flipkart which is worth 16 billion U.S. dollars is sold out, small traders will become almost extinct. In India, we used to have shops that have been running for generations under a single brand-name. They all will be wiped out. We are protesting against it."
"They already have big malls in many countries. They have all monopolized the sector. Due to that, many people have lost employment opportunities. The same thing will happen in India."
Traders are also planning to take legal action against Walmart.
The trade groups say they have written to the Indian government asking lawmakers to scrap the Walmart-Flipkart deal.