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Amazon hurting small retailers: Goyal
The New Indian Express
|August 22, 2024
UNION commerce and industry minister Piyush Goyal on Wednesday hit out at US e-commerce giant Amazon for its predatory pricing practices that hurt Indian retailers.
Speaking at an event, Goyal said Amazon's billion-dollar investment in India is no cause for celebration as the company is only making good for the losses it made by indulging in predatory pricing. "They made a billion-dollar loss in their balance sheet... They have to fill in that loss," he said.
In FY23, Amazon India's marketplace business Amazon Seller Services reported net losses of ₹4,854 crore, up from ₹3,649 crore a year ago.
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