Feb 1, 2017
GST, demonetisation to attract foreign investment, says Walmart India CEO
Feb 1, 2017
The Goods and Services Tax (GST) along with demonetisation and new structural reforms introduced by the government are likely to drive the retail sector of India into modern economy, according to Krish Iyer, CEO of Walmart India. He said that these measures adopted by the government will also attract a significant amount of foreign investment.
Regarding demonetisation, Iyer said that it initially affected Walmart’s business, but consequently proved beneficial for the company.
Before demonetisation, non-cash transactions accounted for 30 per cent of the total Walmart India business. This number has now increased to 70 per cent, said media reports quoting Iyer.
The company plans to work on considerably reducing food wastage and improve sustainable operations in the country, according to Iyer.
In the ‘cash and carry’ format, the company currently operates 21 stores in India and plans to have 50 more stores across the country in the next five years.
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