Arab Today, arab today protests in india amid reports of walmart investment
Last Updated : GMT 04:43:53
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Opposition MPs call for investigation

Protests in India amid reports of Walmart investment

Arab Today, arab today

Arab Today, arab today Protests in India amid reports of Walmart investment

It is feared that foreign investment could put local shop-owners out of business
New Dehli - Arabstoday

It is feared that foreign investment could put local shop-owners out of business There have been angry protests in the Indian parliament after reports that Walmart is planning to enter the South Asian market. The global retailer has reportedly spent $25m on lobbying with the US lawmakers in a bid to eventually open stores in India. Opposition MPs have been protesting against the news which comes just a week after MPs approved a law to open the retail sector to foreign competition.
The opposition Bharatiya Janata Party (BJP) has now demanded a probe into Walmart\'s lobbying, with other opposition MPs calling for an \"independent inquiry.\"
It is feared that the Foreign Direct Investment (FDI) law, which allows foreign companies to invest up to 51 percent in India, will have an impact on small businesses and corner shops, putting some out of business.
However, government officials say that the new provision will aid economic growth.

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