Churn in E-com­merce Not Unique to In­dia: Sithara­man

The Economic Times - - Economy: Macro, Micro & More -

Com­merce and in­dus­try min­is­ter Nir­mala Sithara­man on Thurs­day said the devel­op­ments in the e-com­merce sec­tor in In­dia is a part of churn­ing in the global eco­nomic sys­tem and not pe­cu­liar to the coun­try. “I be­lieve this is part of the churn­ing which is hap­pen­ing in the eco­nomic sys­tem glob­ally and this is not pe­cu­liar to In­dia,” she said here. She was re­ply­ing to a ques­tion about the growth of e- com­merce companies in In­dia and cut in jobs by firms like Snapdeal. Softbankbacked on­line mer­chant Snapdeal will lay off 500-600 em­ploy­ees across ver­ti­cals as co­founder Ku­nal Bahl ad­mit­ted to mak­ing mis­take in grow­ing much be­fore it could fig­ure out right eco­nomic model.

NEW DELHI

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