Wal-Mart Stores (WMT) CEO Michael Duke said he is "optimistic" that foreign companies will be allowed to invest in the Indian retail sector.

Wal-Mart is hoping that India's government will loosen restrictions on foreign investment after the trade ministry invited views from the industry, Bloomberg News said.

"The opening of dialogue the ministry has initiated is very productive, and I view that as progress," Duke said at a press conference in New Delhi Monday.

Currently, overseas
can only invest in single-brand retail or wholesale operations.

Loosening the foreign investment rules would help curb inflation and may create 3 million jobs, Duke said today.

India's growing economy and expanding middle class will help increase the country's retail sales by 35% in three years, consultancy AT Kearney said.

AT Kearney ranks India as the third-most attractive market for global retailers among the 30 largest emerging markets.

Duke is currently in India to meet with government officials and visit wholesale stores that Wal-Mart operates with Indian company Bharti Enterprises.


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26 Comments

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darleklo

I hope it works out between India, and Wal-Marts.

October 29 2010 at 7:46 PM Report abuse -2 rate up rate down Reply
duey35

Pretty soon the greeteer at Walmart will be Indian."hellro welkum ta wamart.

October 29 2010 at 1:42 PM Report abuse rate up rate down Reply
1 reply to duey35's comment
sabcody

HA HA LOL AND A BIGGER LOL!!!!!!!!!!!! PERFECT! At Hellro welkum ta walmart!

October 29 2010 at 10:00 PM Report abuse +1 rate up rate down Reply
mb2pb

Is this Michael Duke any relation to DUKE power in the South..? Or the DUKE family where one of the younger sons was Grand Dragon for the KKK..Or is that one and the same family... ? Just curious..?

October 29 2010 at 12:18 PM Report abuse +3 rate up rate down Reply
Lillian Barclay

It is about time we let outsiders in, rather than sending our business overseas.

October 29 2010 at 11:20 AM Report abuse -3 rate up rate down Reply
rbrtkyte

Wal-Mart better start thinking about selling AMERICAN products !!I went there yesterday and everything I saw was "made in China"!, Instead of the American Flag flying over their stores they should have the "rising sun" flying instead.This place USED to be a good place to work for and buy from .Now its all garbage.

October 29 2010 at 9:52 AM Report abuse +4 rate up rate down Reply
1 reply to rbrtkyte's comment
aguafrianr

the rising sun is japanese. p.s. don't shop at walmart. why not support a local person running an independent business?

October 29 2010 at 11:48 AM Report abuse +1 rate up rate down Reply
glaimc863

THEY DONT WANT WAL-MART IN THIER COUNTRY BUT THEY MAKE ALOT OF STUFF FOR WAL-MART, GO FIGURE.

October 26 2010 at 6:00 PM Report abuse +5 rate up rate down Reply
boabyd

Yeah Walmart said they will create 3 Million jobs, Big Question is WERE WILL THESE JOBS BE CREATE, IN THE USA OR INDIA Oops walmart forgot to mention were the jobs will be created (or did they forget to mention it on purpose) ?????????????? No doubt were ever the jobs are created, Employees will still make the same as those in India.

October 26 2010 at 5:37 PM Report abuse +6 rate up rate down Reply
JACK-A-ROO

Walmarts only handled American made products, until Sam Walton died. Then his children took over. The rest, they say, is history. Reagan killed the banking industry, Clinton killed the manufacturing industry. W. killed our civil rights. Obama is killing our resolve. Take back Washington! Try all the idiots there now with Treason!

October 26 2010 at 5:29 PM Report abuse +7 rate up rate down Reply
1 reply to JACK-A-ROO's comment
puffnbuster

Actually Lincoln started taking away our civil rights. JFK escalated it unbelievably and Clinton put the crowning touch on it. Was taught that the Democrats were the party of the people. Unfortunately was never taught it was only certain ones.

October 29 2010 at 11:01 AM Report abuse -4 rate up rate down Reply
tenaclark

There is still no way I will shop at Wal-Mart. I'm not helping the rich get richer!

October 26 2010 at 5:11 PM Report abuse +1 rate up rate down Reply
vshogun30

Let not your hearts be troubled. Forty years ago Japan bot half of America at inflated prices....golf courses, real estate, etc. ten or fifteen years later we bot it all back for a fraction of the sale price.

October 26 2010 at 5:01 PM Report abuse +2 rate up rate down Reply
1 reply to vshogun30's comment
Howdy, Susie

bought... bought!

October 26 2010 at 5:37 PM Report abuse +2 rate up rate down Reply