Commerce and Industry Minister Nirmala Sitharaman today 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 that this is part of the churning which is happening in the economic system globally and this is not peculiar to India,” she told reporters here.
She was replying to a question about the growth of e- commerce companies in India and cut in jobs by firms like Snapdeal.
Softbank-backed online merchant Snapdeal will lay off 500 -600 employees across verticals as co-founder Kunal Bahl admitted to making mistake in growing much before it could figure out right economic model.
Struggling to raise fresh capital, Snapdeal will stop all non-core activities, reduce costs drastically and handover pink slips to employees to turn profitable.