Walmart CEO meets Piyush Goyal; here’s what Commerce Minister has to say about it

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Published: July 11, 2019 5:36:02 PM

Walmart International President and CEO Judith McKenna has met Commerce and Industry Minister Piyush Goyal to discuss local sourcing norms for the domestic market.

FDI, FDI in multi-brand retail, Piyush Goyal, retail sector, FDI policy, UKWalmart CEO Judith McKenna met commerce minister Piyush Goyal to discuss local sourcing norms for the domestic market

Walmart International President and CEO Judith McKenna has met Commerce and Industry Minister Piyush Goyal to discuss local sourcing norms for the domestic market. “Minister @PiyushGoyal met president & CEO of Walmart International, Judith McKenna and discussed local sourcing and boosting sales of ‘Made in India’ products, which will benefit local businesses and the overall domestic market,” a tweet by the minister’s office has said on Wednesday. The meeting assumes significance as the government has proposed in the Budget to relax these norms for foreign direct investment (FDI) in single-brand retail trading.

The Bentonville-based retailing major runs 23 cash-and-carry stores in the wholesale-format in the country. The US retail major, which invested USD 16 billion in Flipkart, is facing challenges after the government issued new guidelines for e-commerce firms having foreign investment. McKenna has also expressed Walmart’s commitment to supporting make-in-India by sourcing domestically.

“Happy to discuss Walmart’s commitment to supporting make-in-India through domestic sourcing, supporting local manufacturing and working with Kiranas,” McKenna said. From February 1, the government has barred online marketplaces like Flipkart from selling products of companies where they hold stakes and banned exclusive marketing arrangements that could influence product price.

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