US retail giant Wal-Mart is lobbying the Indian and US governments as it looks to persuade India to relax the rules prohibiting foreign investment in consumer-facing multi-brand retail channels.
According to a report in the Economic Times, Wal-Mart is seeking trade talks between the US and Indian governments in a bid to relax strict foreign investment laws.
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Lobbying disclosure statements filed with the US Senate reportedly revealed that Wal-Mart has spent US$11m on lobbying for its Indian business interests over the past two years.
A spokesperson for the US retail giant told just-food that the company is “optimistic” that the country will open up to international investment in the near future.
“We are optimistic that the Indian government will move ahead with its policies of economic and social reforms, including allowing FDI investment in front-end retail,” the spokesperson said.
“Retail can be an engine of growth not just in urban India but also in Tier II and Tier III towns, offering more job opportunities and helping families to save money so they can live better, and FDI in retail can only help accelerate this process.”
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