HomeBusinessPiyush Goyal Criticizes E-Commerce Firms for Potential Job Losses

Piyush Goyal Criticizes E-Commerce Firms for Potential Job Losses

Published on

ChatGPT Search Becomes Easier to Use, Making Google Nervous!

Using ChatGPT Search has just gotten simpler. The company has announced that ChatGPT Search...

New Income Tax Bill: Cabinet to Approve New Bill, to be Presented in Parliament Next Week

The new Income Tax Bill is expected to be approved in the Cabinet meeting...

E-Commerce Impact on Employment: Indian Commerce and Industry Minister Piyush Goyal has expressed concern about the practices of major e-commerce companies. He warned that their strategy of deliberately keeping prices low could lead to job losses in the country. This could negatively affect traditional retail sectors and result in a job crisis.

During an event discussing the impact of e-commerce on employment and consumer welfare, Goyal said that the rapid expansion of e-commerce should not be seen as an achievement but rather as a cause for concern. He questioned whether the fast growth of e-commerce is leading to significant social disruption. Goyal pointed out that in the next ten years, e-commerce might control more than half of the market, which is a troubling issue.

He emphasized the need to seriously consider the role of e-commerce in the country. Goyal criticized the pricing strategies of e-commerce companies, questioning if predatory pricing policies are appropriate for India. While acknowledging the importance of e-commerce, he stressed that its benefits and drawbacks need careful evaluation.

Goyal noted that the market share of e-commerce companies is growing at an annual rate of 27%. This rapid growth could put 10 million small retailers at risk. According to reports, the market share of e-commerce has doubled in three years, rising from 4.7% in 2019 to 7.8% in 2022. He also questioned the celebration of Amazon’s $1 billion investment, suggesting that it may not significantly benefit the Indian economy.

Latest articles

ChatGPT Search Becomes Easier to Use, Making Google Nervous!

Using ChatGPT Search has just gotten simpler. The company has announced that ChatGPT Search...

New Income Tax Bill: Cabinet to Approve New Bill, to be Presented in Parliament Next Week

The new Income Tax Bill is expected to be approved in the Cabinet meeting...

Himachal Pradesh Weather Update: Temperature Drops to -12.2°C in Keylong, Cold Wave Hits Many Areas

The cold wave continues to grip Himachal Pradesh, with temperatures dropping drastically. In Keylong,...

Sam Altman to Meet PM Modi, Talks About AI Growth in India

Sam Altman, CEO of OpenAI and a global leader in artificial intelligence (AI), praised...