The Centre today submitted before Madras High Court that it would take "some more time" for the conclusion of the probe by Enforcement Directorate into alleged violations of forex laws by the American retail giant Walmart in its investment in two Indian firms.
Jain who started his journey with Walmart in India five years ago in a joint venture with Bharti feels that this move would have a deep and long lasting impact on Indian landscape and the way consumers shop.
The Future Group Founder and Chief Executive Kishore Biyani today said implementation of the new uniform tax regime -- goods and services tax (GST)-- is likely to play a bigger role for the retail industry than foreign direct investment.
Wal-Mart's joint venture with Bharti Enterprises in India aims to open eight to 10 wholesale stores in 2011. The company currently has six outlets in the country and the original plan was to open 10 to 12 stores this year.