US awaiting outcome of debate on Walmart’s entry in India
Feb 14th, 2007 by shan
The US has said it was awaiting the Indian government’s response to the entry of world’s largest retailer Walmart in the country.
“We will have to see what government officials decide…,” US Commerce Secretary Carlos Gutierrez said at a press conference when asked about the controversy over the Bharti-Walmart joint venture for retail.
“Very intense debate is happening in India (over Walmart’s entry). India is a vibrant and energetic democracy. Debate is taking place in the way it takes place in our country. The decision (on Walmart’s foray in India) would be based on the debate. We will see what government officials ultimately decide,” Gutierrez said.
He said the entry of Walmart in India would benefit millions of farmers and small retailers as they will get access to an efficient supply chain.
“Foreign investment will be prohibited in the front end but there could be some partnership structure in wholesale. It could represent effective outlet for farm products and bring benefit to farmers and agriculture sector,” Gutierrez added.
He said India-US trade grew over 20 percent year-on-year in 2006 to 32 billion dollar.
India’s exports to the US grew 16 percent to 22 billion dollars, while imports by India from US increased 26 percent to 10 billion dollars.
Guiterrez, said both the countries have set the target of doubling bilateral trade by 2010 and it is “achievable and we are working hard to accomplish it”.