New Delhi: The government consulted over 100 entities including some of the businesses likely to be impacted by the proposed digital competition law, such as Amazon, Apple India Pvt. Ltd, Flipkart and Google, and their suggestions are under consideration, finance minister Nirmala Sitharaman informed Lok Sabha on Monday. 

The minister told the House in a written reply that pre-legislative consultations on the Draft Digital Competition Bill were held as per the ministry of corporate affairs’ policy.

Closed-door consultations were held in March 2023 during the drafting of the bill, with entities and stakeholders likely to be impacted by the law, the minister informed. 

“More than 100 stakeholders submitted responses, ranging from legal professionals, industry associations, civil society organizations, and domestic and foreign digital enterprises providing digital services in India,” the minister said. 

This was followed up by seeking public feedback this year on the draft bill in e-consultation mode, the minister informed. The suggestions are being examined, the minister said.

Stakeholder discussions were also organized by ministry of electronics and information technology in June.

The Bill seeks to protect competition in the market and proposes a code of conduct or ex-ante regulation to prevent irreversible market tipping by influential digital players.

The current regime of Competition Commission of India’s (CCI’s) investigation into an anti-competitive practice after it has taken place is thought to be both resource and time intensive in achieving market correction. The proposed law has borrowed the concept of digital market gatekeepers who should abide by the code of conduct, from similar legislation in the European Union which became effective from 2 May 2023. 

EU’s Digital Markets Act covers large digital platforms providing core platform services such as online search, app stores and messenger services, and have to comply with certain obligations as well as prohibitions. The gatekeeper entities, called systemically significant digital enterprises in the Indian Bill, will be identified by financial and market presence related criteria.

India’s antitrust body has asked the Supreme Court to hear legal challenges to an investigation of Amazon and Walmart’s Flipkart e-commerce platforms, saying those challenges, filed by Samsung, Vivo and others at Indian high courts, were aiming to scuttle the probe.

In a filing on December 3, reviewed by Reuters and not released publicly, the Competition Commission of India asked the court to hear 23 challenges, filed by Samsung, Vivo, and several vendors on the Amazon and Flipkart platforms, to enable the case to be decided quickly.

Amazon declined to comment, while Flipkart, Samsung, Vivo and the competition commission did not respond to requests for comment.

The investigation is a major regulatory challenge for Amazon and Flipkart in a market where e-commerce sales are set to exceed $160 billion (roughly Rs. 13,55,674 crore) by 2028, up from $57 billion (roughly Rs. 4,82,959 crore) to $60 billion (roughly Rs. 5,08,383 crore) in 2023.

The commission’s investigation unit concluded in August that Amazon and Flipkart breached India’s antitrust laws by favouring selected sellers on their websites. It also found that smartphone companies such as Samsung and Vivo broke those laws by colluding with the two e-commerce companies to exclusively launch products online.

Since the findings, almost two dozen lawsuits across five Indian high courts have been filed by some Amazon and Flipkart vendors, as well as by Samsung and Vivo, to block the investigation as they want to “debilitate and scuttle” the process, the commission said.

The separate lawsuits, if allowed, “will lead to absurdity since it will interfere with the flexibility of the (commission’s) Director General to carry out investigation in any matter.”

Amazon and Flipkart have faced criticism from smaller retailers for years over their business practices, saying they have suffered due to deep discounts and preferential treatment meted out by the platforms.

Amazon and Flipkart deny any wrongdoing.

A Reuters investigation in 2021, based on Amazon internal documents, found the company gave preferential treatment for years to a small group of sellers and used them to bypass Indian laws.

The current commission investigation started back in 2020 but has faced many delays.

Most of the 23 lawsuits filed across India in the latest challenge to the case accuse the commission of not following due process during its investigation.

The commission’s filing asking for the 23 cases to be transferred to the Supreme Court is likely to be heard this week, a lawyer familiar with the proceedings said.

© Thomson Reuters 2024

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

New Delhi: E-commerce platform Flipkart’s logistics arm reported a more than five times surge in its net losses to Rs 1,718.4 crore last fiscal (FY24), compared to Rs 324.6 crore in the previous fiscal (FY23).  

Instakart Services, which operates Ekart Logistics, also clocked a 5 per cent revenue decline at Rs 12,115.3 crore in FY24, compared to Rs 12,787.4 crore in the year-ago period.

The expenses rose by over 6 per cent to Rs 14,149.4 crore from Rs 13,325 crore. Total income narrowed by 4.3 per cent to Rs 12,431 crore from Rs 13,001 crore, as per its regulatory documents.

As per the documents, the company reported depreciation, depletion and amortisation expenses at Rs 1,183 crore and employee benefit expenses of Rs 1,244 crore in FY24. In FY23, the depreciation, depletion, and amortisation expense was Rs 1,204 crore and the employee benefit expense was Rs 1,132 crore.

Founded in 2009, Ekart provides fourth-party logistics (4PL) services to many small and large-scale businesses across the country. With grade-A warehouses across 20 locations and more than 7,000 trucks, Ekart delivers across 15,000 pin codes.

Ekart has partnered with more than 300 brands for business-to-business (B2B), warehousing, and dropship services, providing customised end-to-end (E2E) solutions for industries across direct-to-consumer (D2C), retail, apparel and fashion, and fin-tech, among others.

The company recently introduced a comprehensive ‘Refinish Service’ tailored to address the challenges of returns management in the fashion and lifestyle sector.

Meanwhile, Amazon India’s logistics arm Amazon Transportation Services (ATS) clocked a 7.6 per cent growth in its operating revenue to Rs 4,889 crore in FY24 from Rs 4,543 crore in FY23. The company’s net loss declined by 6.9 per cent to Rs 80 crore against Rs 86 crore.

India’s financial crime agency has raided offices of some sellers operating Amazon and Walmart-owned Flipkart in an investigation into alleged violations of foreign investment rules, two government sources said on Thursday.

The searches come weeks after Reuters reported India’s antitrust body had found the two companies and their sellers violated competition laws by giving preference to select sellers on their platforms. Both companies have maintained they comply with Indian laws.

One senior government source said raids were being carried out in New Delhi, Mumbai, and Bengaluru, but did not give names of sellers whose offices were being raided.

“The raids on sellers of Amazon and Flipkart is a part of ED’s probe … for alleged violations of foreign exchange laws,” said the first government source with direct knowledge.

Amazon and Flipkart did not immediately respond to requests for comment. A representative of the financial crime agency said he had no immediate comment.

The raids are the latest setback for Amazon and Flipkart, which count India as a key growth market where e-commerce sales are rapidly rising.

The Enforcement Directorate agency has been investigating both e-commerce giants for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers.

The first government source on Thursday said it was conducting the latest searches on the observations of the antitrust body in its recently concluded investigation of the two companies.

Those Amazon and Flipkart antitrust investigation reports from August, which are not public but have been seen by Reuters, say the platforms “had end-to-end control over the inventory and the sellers are just name lending enterprises.”

A Reuters investigation in 2021, based on internal Amazon papers, showed the company exerted significant control over the inventory of some of the biggest sellers, even though Indian laws prohibit foreign players from holding inventory of products.

India’s commerce minister in August publicly slammed Amazon, saying its investments in India have often been used to cover its business losses, adding that such losses “smell of predatory pricing.”

© Thomson Reuters 2024

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Flipkart Big Diwali Sale 2024 started in India for all users on October 21 and the ongoing sale will end on October 31. During the ongoing sale, the e-commerce site is offering a wide range of products at a discounted rate including electronic items. This includes large appliances like refrigerators, air conditioners and washing machines as well as personal gadgets like smartphones, tablets, laptops and more. Phones from leading brands like Apple, Samsung, Realme, Oppo, Nothing or Motorola are available during the sale at considerably lower prices than the market rates. Here, we have compiled a list of the best deals you can get on Apple’s iPhones.

People can avail of additional benefits like coupon discounts and exchange or bank offers to lower the effective sale price of the product. SBI card and Mastercard holders are eligible for a 10 percent instant discount during the sale. Flipkart Axis Bank Credit Card users can get 5 percent of cashback. Customers can avail of the exchange offers listed on the product pages to get the item at a lower price. Notably, the sale prices listed below are inclusive of these additional benefits.

The iPhone 16 series was launched in India in September. The top-of-the-line iPhone 16 Pro Max starts at Rs. 1,44,900 for the 256GB option. During the ongoing Flipkart sale, the phone can be bought for as low as Rs. 1,30,410.

The iPhone 15 Pro Max, which was introduced in September 2023, was launched at Rs. 1,34,900 for the base 128GB variant, and this version can now be purchased at Rs. 1,23,999. An older model, like the vanilla iPhone 13 was launched at Rs. 79,900 for the 128GB version, and it is currently listed on the e-commerce site at Rs. 49,990.

Best iPhone Deals During Flipkart Big Diwali Sale 2024

 

Flipkart Big Saving Days sale is now live for everyone, one day after offering early access to the Plus members. The six-day sale brings deals on mobile phones, home appliances, and other electronics items. Flipkart has also tied up with the State Bank of India (SBI) to offer a 10 percent instant discount on purchases using the bank’s credit cards and EMI transactions. The sale brings no-cost EMI options and exchange discounts on various products as well. Flipkart Big Saving Days sale will go on till May 8.

We’ve handpicked some of the best deals and offers available during the Flipkart Big Saving Days sale.

Flipkart Big Saving Days sale: Best offers on mobile phones, electronics

Vivo Y53s

The Vivo Y53s is down to Rs. 15,990 (MRP Rs. 19,490) during Flipkart’s Big Saving Days sale this week. Customers can swap an old smartphone and receive another additional discount worth up to Rs. 14,000 on the Vivo Y53s. Furthermore, the sale offers up to Rs. 1,000 discounts for customers paying via SBI credit card or EMI transactions. The Vivo Y53s features 6.58-inch full-HD+ display with a 90Hz refresh rate. It is powered by MediaTek Helio G80 SoC coupled with 8GB of RAM and 128GB of onboard storage. It has 5,000mAh battery that supports 33W fast charging.

Buy now at: Rs. 15,990 (MRP Rs. 19,490)

Redmi Note 10T

The Redmi Note 10T 5G price starts at Rs. 13,999 in the Flipkart’s Big Saving Days 2022 sale. Flipkart is giving up to Rs. 1,000 off to customers using an SBI credit card and EMI transactions. Similarly, customers can get an exchange discount for getting the new Xiaomi phone in exchange for their old model. The Redmi Note 10T 5G features 6.5-inch full-HD+ display with 90Hz adaptive refresh rate and is powered by the octa-core MediaTek Dimensity 700 SoC. It has triple rear cameras and packs a 5,000mAh battery that supports 18W fast charging.

Buy now at: Rs. 13,999

Mi TV 5X

Mi TV 5X 50-inch model is listed with a price tag of Rs. 39,999 during the Flipkart during the Big Saving Days 2022. The model was launched for Rs. 41,999. Paying with an SBI credit card will fetch you a 10 percent instant discount. Customers paying via HDFC Bank cards and EMI transactions can avail of Rs. 4,000 discounts. Interested customers can also exchange an old TV and get up to Rs. 17,000 off as an additional instant discount on the purchase. The Mi TV 5X comes with 40W speakers with Dolby Atmos support. It has a 4K resolution display and it packs 2GB RAM and 16GB of storage.

Buy now at: Rs. 39,999 (MRP Rs. 41,900)

Samsung Galaxy F22

Samsung Galaxy F22 is listed in the Flipkart Big Saving Days with an initial price tag of Rs. 10,499, down from the launch price of Rs. 12,499. The Android-based smartphone is also eligible for an exchange offer of a maximum of Rs. 9,800. Customers paying via SBI credit card and EMI transactions will get an additional 10 percent instant discount. The Samsung Galaxy F22 features a 6.4-inch AMOLED display. It is powered by a MediaTek Helio G80 processor and sports a 48-megapixel triple camera setup.

Buy now at: Rs. 10,499 (MRP Rs. 12,499)

Mi Robot Vacuum-Mop P

Xiaomi’s Mi Robot Vacuum-Mop P robotic vacuum cleaner is available at a discounted price of Rs. 17,999 (MRP Rs. 29,999) during Flipkart’s Big Saving Days sale this week. Customers can avail of an additional up to Rs. 1,500 instant discount for payments using SBI credit cards and EMI transactions. Flipkart is also offering Rs. 2,000 off on purchases via the HDFC bank cards and EMIs. The no-cost EMIs start at Rs. 3,334 per month. Flipkart is also offering an exchange discount worth up to Rs. 2,500. The Mi Robot Vacuum-Mop P comes with a two-in-one sweeping and mopping function and has a Laser Detect System (LDS) for navigation. The MI Robot Vacuum-Mop P packs 12 high-precision sensors and supports remote operations through the Mi Home app.

Buy now at: Rs. 17,999 (MRP Rs. 29,999)

Hisense 55A71F 55-inch

The Hisense 55A71F 55-inch smart TV is listed with a starting price of Rs. 35,149 (MRP Rs. 59,990) during the Flipkart’s Big Saving Days sale. The Android smart TV also includes a bundled exchange offer of up to Rs. 11,000 and a 10 percent discount for purchases using SBI credit and EMI transactions. The Hisense 55A71F smart Tv comes with Dolby Vision and Dolby Atmos support.

Buy now at: Rs. 35,149 (MRP Rs. 59,990)

LG 43-inch full-HD LED Smart TV (43LM5650PTA)

The ongoing Flipkart sale brings the LG 43-inch full-HD LED smart TV (43LM5650PTA) at Rs. 29,999 (MRP: Rs. 31,999). Flipkart is also giving a maximum Rs. 1,500 additional discount for purchases using SBI credit cards. There is also a five percent discount for purchases using Flipkart Axis Bank cards. The LG 43-inch full-HD LED smart TV packs 20W speakers with DTS Virtual:X support and features a 60Hz refresh rate display.

Buy now at: Rs. 29,999 (MRP: Rs. 31,999)

To check out all the deals, head to Flipkart’s Big Saving Days sale page.

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