Nation-wide traders strike against Flipkart-Walmart deal
New Delhi, Sep 28: Amid a nation-wide traders' strike on Friday called by the Confederation of All India Traders (CAIT), the organisation submitted a memorandum to Prime Minister Narendra Modi.
In response to the call for a "Bharat Trade Bandh" against the Walmart-Flipkart deal and foreign direct investment in retail, the commercial markets across the country were closed on Friday, a CAIT statement said.
The traders body submitted the memorandum and a Traders Charter to Modi urging for his intervention to stop the deal as it violates FDI Policy Press Note Number 3 of 2016 of the government, CAIT Secretary General Praveen Khandelwal said in a statement.
It urged Modi to constitute a high level committee under the chairmanship of a senior Union Minister and comprising officials and trade representatives to look into the matter.
On Friday around seven crore business establishments and more than 40,000 trade associations and federations across the nation participated in the one-day strike, the traders' organisation said.
Traders across the country held "dharna", demonstrations and protest marches and later submitted similar memorandum as given to the Prime Minister to their respective District Collectors, CAIT said.
The CAIT also regretted that retail trade has never been a priority although after agriculture, it is the largest employment provider and largest source of revenue for the government.
"Such a stepmotherly treatment to the traders must come to an end," the statement said.
On August 28, the Confederation had approached the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India (CCI)'s approval for the Walmart-Flipkart deal.
Consequently, NCLAT issued a notice to Walmart, enquiring about its business model.
In August, Walmart Inc acquired approximately 77 per cent stake in e-commerce major Flipkart.
Walmart now holds approximately 77 per cent of Flipkart, while the remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp.
The global retail giant's investment includes $2 billion of new equity funding to help accelerate the growth of Flipkart's business. Both companies will retain their unique brands and operating structures in India, the statement said.
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Ayush signs off with silver at Badminton Asia Championships
Ningbo (China) (PTI): India's Ayush Shetty signed off with a silver medal after his giant-killing run ended in a straight-game loss to world No. 2 Shi Yu Qi in the final of the Badminton Asia Championships here on Sunday.
The 20-year-old from Mangalore struggled to find his rhythm, going down 8-21, 10-21 to the reigning world champion from China, as India's 61-year wait for a men's singles gold at the event continued.
Despite the loss, it was a creditable campaign from the unseeded youngster, who became only the second Indian men's singles player after Dinesh Khanna to reach the final of the continental showpiece.
Khanna remains the only Indian singles champion at the event, having won the title in 1965. Since then, only the men's doubles pair of Satwiksairaj Rankireddy and Chirag Shetty have lifted the trophy, winning it in 2023.
World No. 25 Ayush entered the contest on the back of defeats to Shi at the Malaysia Super 1000 earlier this year and the Indonesia Masters last season. However, he had played with far greater control and attacking clarity this week, toppling world No. 1 Kunlavut Vitidsarn, world No. 4 Jonatan Christie and world No. 7 Li Shi Feng en route to the final.
However, the Indian, a product of the Padukone-Dravid Centre for Sports Excellence in Bengaluru, failed to counter the tactical discipline of Shi, who used his repertoire of strokes and deception to deny Ayush the opportunity to play his natural attacking game.
Shi dictated the geometry of the court from the outset, controlling the net exchanges and forcing Ayush into the forecourt battle early. The variation in the Chinese player’s game blunted the Indian’s attack, as his smashes lacked precision and he succumbed to scoreboard pressure, leading to rushed shot-making.
Shi Yu Qi logged the opening points with two fine net dribbles to race to a 4-0 lead, as Ayush’s smashes lacked precision early on and he trailed 2-6. A long rally ended with the Chinese player going wide, offering the Indian some respite. A deceptive net shot helped Shi move to 7-4, and he extended the lead to 11-6 as Ayush struggled for control, committing a string of unforced errors.
Shi mixed it up effectively, producing a lovely drop shot and repeatedly drawing the Indian to the forecourt with cross returns like a metronome, forcing errors. Two down-the-line smashes gave Shi a massive cushion of game points, and he sealed the opening game when Ayush sprayed a return wide.
The Indian needed a complete reset to stay alive, and he responded with a thunderous straight smash before diving on both flanks to keep the shuttle in play and move to 3-1 in the second game. Shi continued to test Ayush with backhand deceptive net strokes and pushes to the deep, but the Indian managed to retrieve everything and even found his precision in time, with an on-the-line smash confirmed by Hawk-Eye and a well-constructed rally taking him to 7-2.
However, he couldn't hold on to the momentum as the Chinese clawed back to 7-7 after two long shots and a smash into the net from Ayush. A return that kissed the backline from Shi, followed by another error from Ayush at the net and a return into the net, handed the Chinese the advantage once again at the interval, as he led 11-8.
Shi’s ability to place the shuttle into empty spaces with his repertoire of strokes, often punctuated by a fierce smash, made life difficult for the Indian as he stretched the lead to 13-8. Soon, the Chinese was up 15-9 with another powerful smash.
A body return followed by a straight smash took him to 17-9, and another long shot from Ayush further dented his chances. A perfectly angled smash into the forehand corner brought Shi within two points of victory. He then unleashed a cross-court smash to earn 10 match points and sealed the contest with a return that cramped the Indian, targeting his hip.
