American retail major Walmart’s acquisition of 77 percent stake in Flipkart is good for the retail industry and will create more job opportunities, said Atul Chaturvedi, Additional Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.
“It’s good for the retail industry. It is good for job creation. It is good for growth of economy. It is going to increase more employment in future,” said Chaturvedi, at the CII Retail Conclave, while adding that the government has no involvement in the deal.
“There is no role of the government in this particular process as far as approval is concern. These are all automatic route investment and therefore we have no role to play as far as that particular investment,” he said.
Walmart India president and CEO Krish Iyer said the future of retail in India is “extremely bright”.
Asked whether they are going to bring onboard one million members on Flipkart-Walmart platform, Iyer said: “Flipkart will continue to operate as an independent business and Walmart Cash and carry will operate as an Independent Business. We also had in Walmart B2B e-commerce business and nearly 20 percent of our members are also members of the online business.”