Commerce and Industry Minister Anand Sharma has cancelled his meeting with Walmart Asia CEO Scott Price scheduled on Friday.
While no official reason has been given for the cancellation, some officials have said that the Minister was not happy with the long time taken by the company to make up its mind.
Price was supposed to discuss the US retail company’s India plans including the possibility of entering the multi-brand retail segment.
“The Government has made a number of changes in the FDI policy on multi-brand retail to accommodate the interests of Walmart. Yet, they are not able to make up their minds. India can’t go beyond what has already been offered,” a Department of Industrial Policy & Promotion (DIPP) official told
Walmart reportedly wants the Government to further dilute its domestic sourcing norms for inputs and bring it below the mandated 30 per cent.
Walmart, which had entered India in a joint venture with Bharti Enterprises in the wholesale retail segment in 2007, ended its partnership last month. The two companies have now decided to operate separately in the Indian market.
India allows 51 per cent FDI in multi-brand retail subject to mandatory investment and sourcing conditions.