Sonia Gandhi cautions on Wal-Mart's Indian entry
06 Feb 2007
New Delhi: UPA chairperson and Congress party president Sonia Gandhi is believed to advised the prime minister in a letter to exercise caution on US retail giant Wal-Mart entering Indian retail India.
The entry of the US retailer has generated considerable controversy in political circles, especially the Left parties, who feel that Wal-Mart could threaten the existence of small trader-run shops and stores in the country.
The Left parties say the Bharti-Wal-Mart joint venture was a backdoor entry of the US giant, which would stamp out small shop owners in India.
The UPA chairperson is said to have asked the government to examine thoroughly whether there were any loopholes in the Bharti-Wal-Mart venture and whether it had complied with foreign direct investment norms.
The joint venture company proposes to open hundreds of supermarket and hypermarkets in the coming days.
