India’s trade minister says Amazon’s $1 billion investment ‘no big deal’


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India’s trade minister says Amazon’s $1 billion investment ‘no big deal’

On Thursday, the 16th of January 2020, widening gap between the administration of Indian PM Narendra Modi and world’s No. 1 online retailer, US-based Amazon.com Inc. of the richest man across the globe, Jeff Bezos, Indian trade minister said that Bezos had not done any big favour to the small Indian businesses by investing a stark sum of $1 billion.

In point of fact, latest comment from the Indian Trade Minister Piyush Goyal came forth a day after the Amazon founder and Chief Executive Jeff Bezos had announced a $1 billion olive branch to the small investors amid strident protests on Amazon’s anti-competitive behaviour alongside an ongoing CCI (Competition Commission of India) probe on Walmart Inc.-owned Flipkart and Amazon India over allegations that the online and brick-and-mortar retailers were preferring and promoting large sellers, which in effect had been hurting small businesses seeking to sell their products off in the online platforms of the Silicon Valley Goliaths.

Meanwhile, following a flurry of applauses that came against the backdrop of Jeff Bezos’ announcement of $1 billion in new investment in India on Wednesday (January 16th), downplaying the impacts of Amazon investment, India’s Trade Minister Piyush Goyal said in a security conference in New Delhi on Thursday (January 16th), “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. So it’s not as if they are doing a great favour to India when they invest a billion dollars. ”