Union Commerce Minister Piyush Goyal's criticism of e-commerce platforms was not against Indian or foreign companies, but rather on monopolistic companies, according to Anupam Mittal, founder of People Group and Shaadi.com.
Monopoly is taking away jobs from citizens, which has been happening in America as well, the angel investor told NDTV Profit.
Mittal shared concerns over monopolistic practices by companies like Google, Amazon, and Apple, which are driving small companies out of work and stifling Indian businesses, according to him.
"More than 80% profits made in digital space have gone to Google, Amazon, Apple and India companies are left with merely 15-20%."
This imposes restrictive policies on local entrepreneurs, Mittal said. He praised Goyal's focus on predatory pricing and said that he has "hit the right cords".
Mittal hopes Indian markets will attract more domestic unicorns in the future.
"Indian markets were not deep and wide enough, but now that they are demonstrating momentum and robustness, they (unicorns) are coming back. I hope our markets remain strong," he said.
Mittal also expressed optimism that regulatory improvements will address past challenges and encourage Indian tech firms to return to the domestic market, strengthening the local economy.
On Wednesday, Union Commerce Minister Goyal criticised Amazon for its reported Rs 6,000-crore losses in India, suggesting these losses indicated predatory pricing practices that harm small retailers.
He questioned the true nature of Amazon's investment claims, suggesting the funds were not contributing to the Indian economy but rather to cover losses.
Goyal also accused Amazon of exploiting legal loopholes to conduct business-to-consumer operations despite restrictions, raising concerns about the impact of e-commerce on traditional retail.
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