Piyush Goyal, Walmart CEO discuss local sourcing, Make in India

Economy


NEW DELHI: Commerce and industry Piyush Goyal on Wednesday met Walmart International president and CEO Judith McKenna wherein the two discussed local sourcing and Make in India.

“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,” Goyal’s office tweeted.

Walmart-owned Flipkart is one of the e-commerce majors besides Amazon to have been impacted by India’s prohibition of such firms with foreign direct investment from selling products via firms in which they have an equity interest, and making deals with sellers to sell exclusively on their platforms.

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In a meeting with e-commerce players a few weeks ago, Goyal had told Amazon and Flipkart to ensure compliance with the foreign investment rules and not find loopholes in the law as the government would not allow multi-brand retail trade by foreign ecommerce companies and that they could only be agnostic platforms.

The FDI rules for e-commerce do not allow foreign investment in the inventory-based model or multi-brand retailing.



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