Churn in E-commerce Not Unique to India: Sitharaman
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.