- Indian Union Minister Piyush Goyal questions Amazon whether their reported ₹6,000 crore loss in one year suggests predatory pricing tactics.
- Goyal emphasized the need to carefully organize the e-commerce sector in India, highlighting concerns over the legality of e-commerce platforms engaging in B2C sales.
- Goyal also commented on Amazon's announcement to invest an additional $15 billion in India by 2030.
During the launch of the report on e-commerce and employment by the Pahle India Foundation in New Delhi, Union Minister Piyush Goyal criticized Amazon's "predatory pricing policies".
His remarks followed Amazon CEO Andy Jassy's announcement that the company would invest an additional $15 billion in India by 2030, bringing its total investment to $26 billion.
Goyal emphasized that while he doesn't want to eliminate e-commerce, India needs to carefully consider its approach to it.
He stressed the importance of organizing the sector, highlighting the issue of predatory pricing. The minister questioned this practice, asking whether a loss of ₹6,000 crore in one year doesn't suggest predatory pricing.
“They made a billion-dollar loss in their balance sheet that year, they had to fill in that loss. If you make 6000 crore loss a year doesn't it sound like predatory pricing to you? They are after all an E-commerce platform, they are not allowed to do B2C, legally...However, the reality is all of you buy on these platforms, how are they doing it? Should it not be a matter of concern for us?” said Goyal.
He also commented on Amazon's announcement to invest a billion dollars in India, noting that while this is celebrated, people often overlook that this investment is not aimed at providing significant service or supporting the Indian economy.
Edited by Harshajit Sarmah
