By ET Bureau - October 22, 2019 1 Mins Read
Walmart Inc’s chief executive has written to PM Narendra Modi, seeking certainty and predictability in India’s business environment. Walmart-owned Flipkart and its rival Amazon were forced to overhaul their business models, being upset by changes made late last year to rules governing foreign direct investment for e-commerce marketplaces.
In January, Walmart told the U.S. government privately that India’s new rules were regressive, and had the potential to hurt trade ties.
In his letter to Modi, Chief Executive Doug McMillon highlighted Walmart’s commitment to India. The festival season sales in India are fast-hitting high numbers on eCommerce platforms and there have been any discussions with Indian brands about this situation.
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