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Tuesday,19-October-2021

Business

CAIT hails Piyush Goyal for his candour against unethical business of US e-commerce cos

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Taking the statement of Union Commerce Minister Piyush Goyal as magisterial articulation of Indias e-commerce policy and his candour against arrogance and shameless illegalities of US ecommerce godzillas at a virtual talk held with Stanford India Policy & Economics Group on Saturday, the Confederation of All India Traders (CAIT) has termed Goyal’s candid statement as a warning bell to all e-commerce entities who are indulging in e-commerce business activities in India.

CAIT National President B.C.Bhartia & Secretary General Praveen Khandelwal while complimenting Goyal said that his statement was quite unambiguous and defined the intentions of the Government in very clear terms that there will be no compromise on complying with the law and rules of the Indian Government by one and all whether a foreign or indigenous e-commerce entities. CAIT has been spearheading a national movement against illegitimate business practices of foreign funded e-commerce entities for more than two years.

Bhartia and Khandelwal further said that the business community of the Country is delighted to note the characteristic clarity and candour of Piyush Goyal in his detailed reply given to Stanford Policy & Economics Group, puncturing the cry-wolf strategies of U.S. e-commerce godzillas Amazon and Walmart owned Flipkart.

Goyal’s averment leaves no room anymore for any single transgression of Indian law by these two modern-day avatars of East India Company and a clear cut lesson to other big-wigs of e-commerce companies those having a dream of controlling and dominating not only the e-commerce but even the retail trade of India.

Bhartia and Khandelwal also said that it will be a litmus test for all those entities who usually advocate for bringing reforms in policies of the Government. It will be interesting to note which side of the table they are standing at this critical time when e-commerce in India is poised for robust growth.

“Will they take the side of the entities which are habitual law offenders and violate the law or the other side which signifies the importance of complying with the law of the land? Both trade leaders have expressed hope that nothing will deter the Government in notifying the rules once the process of suggestion is completed”, they said.

CAIT has also sent a letter to industry chambers, FICCCI, CII, ASSOCHAM, PHD Chamber of Commerce, NASSCOM, COAI, IMAIM, ICEA, Laghu Udyog Bharti, FISME and RAI urging them to ensure that draft e commerce rules should be notified asap after due process as it will purify e commerce business of India to a great extent.

Business

No increase in fuel prices for 2nd consecutive day on Tuesday

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Petrol

 Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.

With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.

The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.

Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.

Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.

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Business

Markets open on a positive note

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Bombay-Stock-Exchange

 The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.

The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.

On Monday, the Sensex closed at 61,765.59 points.

The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.

The Nifty is trading at 18,549.55 points in the morning.

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Business

Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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Petrol

 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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