Amazon CEO Jeff Bezos announced on Wednesday that the e-commerce giant will invest $1 billion to bring small business in India online.
Bezos made the announcement on a visit to India, where he was met with protests held by small-business owners from around the country.
Protesters said they are unable to compete with the steep discounts that Amazon offers with other suppliers.
They held signs saying “JEFF BEZOS GO BACK!” and one group’s leader said they will fight against “foreign economic terrorists.”
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When Amazon CEO Jeff Bezos announced on Wednesday that the e-commerce giant would invest $1 billion into the country to bring some of its small business online, he was met with protesters who said that Amazon will “destroy small retailers.”
The protesters said Amazon offers deep discounts that small- and medium-sized businesses in India just can’t compete with.
Sumit Agarwal of the Confederation of All India Traders said on Twitter that Bezos “runs an organisation that expertises in predatory & anticompetitive business,” calling Bezos an “economic terrorist.”
Agarwal said protests could reach as many as 300 cities across India.
Traders of @TEAMCAIT @AimraIndia @AICPDF will be …read more
Source:: Businessinsider – Finance