Piyush Goyal: Doesn’t smell right when an ecommerce co makes a loss of Rs. 6K crore on Rs 5K turnover

“Promises of a certain number of people benefitting from e-commerce are very attractive, but it cannot be at the cost of a ’10X’ number of people suffering the consequences of practices which are not allowed and certainly a trillion dollar company, competing with small retailers whose total capital may be a lakh of two lakhs of rupees is a very, very unfair competition,” [Commerce and Industry Minister Piyush Goyal] He also said that it “certainly does not look and feel and smell right” when a company makes a loss of Rs 6,000 crore on a turnover of Rs 5,000 crore.

“Promises of a certain number of people benefitting from e-commerce are very attractive, but it cannot be at the cost of a ’10X’ number of people suffering the consequences of practices which are not allowed and certainly a trillion dollar company, competing with small retailers whose total capital may be a lakh of two lakhs of rupees is a very, very unfair competition,” [Commerce and Industry Minister Piyush Goyal]

He also said that it “certainly does not look and feel and smell right” when a company makes a loss of Rs 6,000 crore on a turnover of Rs 5,000 crore.

https://tech.economictimes.indiatimes.com/news/internet/doesnt-look-feel-smell-right-when-etailer-makes-rs-6k-cr-loss-on-rs-5k-turnover-piyush-goyal/74119447

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