(MENAFN- Qatar News Agency) w Delhi April 09 - US retail major Wal-Mart plans to add 50 stores to its network of 20 outlets in India over the next four to five years. This announcement comes a day after Indian opposition party the Bharatiya Janata Party (BJP) released its parliamentary elections manifesto. The rightist party led by Prime Ministerial nominee Narendra Modi opposes Foreign Direct Investment (FDI) in multi-brand retail. Its election manifesto reiterates this. The ruling United Progressive Alliance (UPA) led by Indian National Congress (INC) has backed FDI in multi-brand retail which allows chains with foreign equity to sell directly to consumers. Walmart Asia President and CEO Scott Price said "Wal-Mart is committed to India and we are excited about our growth plans. We will continue to focus on the cash-and-carry format as we are very happy with the way it has shaped up in the last few years." The world's largest retailer which currently operates as a wholesaler in India also announced plans of starting an e-commerce platform for its buyers including restaurants canteens and grocery stores through its Best Price Modern Wholesale stores. In December 2012 India's Lower House of the Parliament approved FDI in retail and rejected the opposition motion seeking immediate withdrawal of the decision. In a House strength of 471 253 MPs voted against the motion while 218 voted in favour. Bahujan Samaj Party and Samajwadi Party MPs had walked out of the debate and voting
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.