USD 1 billion not investment but promotional finance to Amazon India to crush retail trade: CAIT

Traders’ body CAIT on Wednesday alleged that the USD 1 billion investment announced by Amazon chief Jeff Bezos is “promotional finance” to Amazon India to crush retail trade and encourage predatory pricing and deep discounting.

Confederation Of All India Traders (CAIT), which has been opposing Bezos’ visit to India, said more than 5 lakh traders supported its protests in about 300 cities, and about 5,000 trade associations participated.