India’s trade minister isn’t impressed with Amazon’s new $1 billion investment in the country. From a report: A day after Amazon chief executive Jeff Bezos announced that his company is pumping in an additional $1 billion into its India operations, making the total local investment to date $6.5 billion, the nation’s trade minister Piyush Goyal said Amazon’s investment was not a big favor to the country. “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,” Goyal said in a conference on Thursday organized by think tank Observer Research Foundation. “So it’s not as if they are doing a great favor to India when they invest a billion dollars.” The remark from the Indian minister comes days after the nation’s antitrust watchdog announced a probe into Amazon India and Walmart-owned Flipkart’s alleged predatory practices. Goyal reiterated that foreign e-commerce players would have to abide by the local law if they want to continue to operate in the nation. He said the watchdog’s allegations were “an area of concern for every Indian.”
of this story at Slashdot.
Source:: Slashdot