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This is an archive article published on July 24, 2013
Walmart tells govt it cannot meet 30 sourcing condition
The worlds largest retailer Walmart has expressed its inability to the government on meeting the sourcing norm in the multi-brand segment that requires 30 per cent procurement from small industries
Written by Press Trust Of India
New Delhi | July 24, 2013 01:57 AM IST
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The worlds largest retailer Walmart has expressed its inability to the government on meeting the sourcing norm in the multi-brand segment that requires 30 per cent procurement from small industries,stating it can procure only about 20 per cent.
According to sources,the representatives of the company had met department of industrial policy and promotion DIPP officials in the second week of this month and informed about the companys stand on the contentious sourcing issue.
Recently there was a meeting between Walmart and officials of DIPP. The company has said that they will not be able to meet the mandatory 30 per cent sourcing norm and can only source about 20 per cent, a source said.
When contacted,Walmart India spokesperson said: We continue to work with the government to better understand the rules that exist for FDI and we appreciate the governments willingness to consider our requests for clarity on conditions contained in the new FDI policy.
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