Walmart Take Over: ‘Make in India’ becomes ‘Make for India
The $16 billion acquisition by international e-commerce retail giant Walmart of Indian e-retail Flipkart facilitates the backdoor entry of foreign capital to take over India’s huge multi-crore retail trade sector.
The proposal to allow FDI in India’s multi-brand retail sector was stoutly opposed by BJP while in opposition. Now in government, the BJP is facilitating the entry of foreign capital through the e-commerce route. This would completely destroy India’s retail trade that employs more than four crore people directly.
Nearly one-fifth of our population is dependent on their earnings.
It is common knowledge that Walmart sources its products from international markets. These will now be sold in India, further destroying the small scale and medium scale sector which is the largest provider of employment after the agricultural sector.
This takeover once again exposes the naked betrayal of all promises made by the Modi government: Make in India has now become Make for India.
The sanction provided by the Modi government to allow such an acquisition to take place is against the interests of our country and its people.