Jamshedpur : The Confederation of All India Traders (CAIT) today shot off a letter to the Union commerce minister Piyush Goyal, drawing the latter’s attention to the violation of rules and regulations by the quick commerce companies.
The letter stated that such companies are misusing foreign investment and destroying the country’s retail sector.
Notably, CAIT had also released a white paper on this issue a few days ago, a copy of which CAIT has also sent to Goyal.
CAIT is also sending a white paper along with a letter to the Chief Ministers of all the states in this regard.
CAIT national general secretary cum MP Praveen Khandelwal accused quick commerce platforms like Blinkit, Instamart, Zepto, Swiggy etc. of misusing the money received through Foreign Direct Investment (FDI), saying that through this such companies gain control over the goods suppliers.
The CAIT senior functionary said that through such business strategies, these companies stifle competition and create an unequal market, where it has become almost impossible for more than 3 crore kirana shops across the country to survive.
CAIT’s national joint general secretary Suresh Sonthalia strongly criticized the quick commerce companies and said that
these companies are working to push small retailers out of the market.
These companies are not only violating the FDI policy but are also making a mockery of the Completion Act.
“These companies do not care about the rules and regulations of India,” said Sonthalia .
He said that a CAIT delegation would soon meet the minister on this issue.
CAIT would also organise a two-day national business seminar in Delhi on January 6-7 on this pertinent issue and other burning business issues.
According to CAIT officials, quick commerce companies have received more than Rs 54,000 crore through FDI, while this investment was neither used in creating infrastructure nor in long-term assets but this FDI was used to offset the losses incurred in doing business.
CAIT’s Brijmohan Agarwal said that quick commerce companies eliminate competition for independent retailers by making exclusive deals with select sellers.
“Sellers hide information from consumers, which is a violation of the Competition Act and consumer rights,” he pointed out.
The CAIT letter to the minister said that the uncontrolled growth of these companies run by foreign capital is a major threat to India’s small retail market.
CAIT asked the government to take immediate necessary steps to impose strict monitoring on quick commerce companies through Consumer Protection (e-Commerce) Rules and E-Commerce Policy and make them accountable for following rules and regulations.
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