MUMBAI ¨C Amazon Inc. and Walmart Inc.¡¯s plans to dominate India¡¯s online retail landscape have been ambushed by Prime Minister Narendra Modi¡¯s political priorities heading into a tightening election.
The vote, which must be held by May, has increased the influence of local retailers that lobbied for growth-crimping curbs on the U.S. giants. On cue, India this month rolled out constraints on foreign e-commerce players, including Jeff Bezos-led Amazon and Walmart-owned Flipkart, which together control 70 percent of its online shopping.
The tighter rules, aimed at protecting small traders, may end up benefiting the country¡¯s richest man, Mukesh Ambani, who is building a homegrown competitor.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.