Demonetisation, series of structural reforms and the implementation of Goods and Service Tax will propel the retail sector into the modern economy, and help attract significant foreign investment, Walmart India CEO, Krish Iyer said on Tuesday. “Demonetisation, structural reforms and GST will propel the retail sector into the modern economy, and help attract significant foreign investment,” he said.
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“Measures by the government like allowing 100 per cent FDI in food retail, and ease of doing business is going to benefit the entire food chain from farmers to food processing industry,” he added. Speaking of the effects of demonetisation on the company, he said it adversely affected business for the first few weeks, but subsequently benefited Walmart India.
“Non-cash transactions account for 70 per cent of business now compared to 30 per cent pre-demonetisation,” Iyer said.
He said that going forward Walmart will focus on reducing food wastage considerably, as well as increase access to affordable food, enhance nutrition and improve sustainability in its operations here.
The company currently operates 21 stores across the country in ‘cash and carry’ format and plans to open 50 rpt 50 more stores in next five years.