While India allows 100 per cent foreign direct investment in cash and carry retail and 51 per cent in single brand retail, a political storm erupted last week following Congress party president Sonia Gandhi seeking clarifications on the Wal-Mart's proposed entry into India.
The US-based world's largest retailer has signed an MoU with the Bharti Group under which the Indian partner would open the front-end stores as the Wal-Mart
franchisee. According to sources, Wal-Mart's CEO itinerary includes a meeting with Nath.
"We are looking at FDI not only in retail but across various sectors without displacing or replacing the present activity. It has to be incremental. We are also looking at different models and modules," Nath said after addressing a FICCI meeting jointly with US Commerce Secretary Carlos M Gutierrez.
