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Commerce Minister Piyush Goyal says Amazon’s $1 billion promised investment not a “great favour” to India

Following Jeff Bezos' visit to India, Commerce minister Piyush Goyal said that Amazon is not doing India a "great favour" by promising to invest $1 billion into the country, as per NDTV. The Amazon CEO had announced the investment on January 15 and had said that it was meant to digitize micro and small businesses in India. Goyal also said that the Competition Commission of India's probe into Amazon for anti-competitive practices was a welcome move. Goyal drew the ire of various stakeholders, including the opposition party, for his remarks who argued that India needed to regain investor confidence given the current economic slowdown. A day after his original comments, Goyal said that his remarks were being taken out of context and that he welcomed investments as long as they followed the laws and regulations properly. Apart from the $1 billion investment, Jeff Bezos had also announced a series of new commitments in India that ranged from elimination of single-use plastic to an addition of 10,000 electric rickshaws to the delivery fleet. He claimed that his investments will create an additional 1 million jobs in the country by 2025. Amazon in troubled waters Opposition from small traders: Jeff Bezos' visit to India was marked by protests and opposition from groups of small business owners and members of the Confederation of All India Traders (CAIT), reported CNBC. They were demonstrating against alleged unfair practices such as predatory pricing or deep discounting employed by Amazon, which they claim hurts small businesses. While the CAIT had claimed that it was preparing…

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