Walmart International CEO Judith McKenna Meets Piyush Goyal Over Local Sourcing Norms
The meeting comes after Budget 2019 proposed to relax local sourcing norms for FDI in single-brand retail.
Walmart International President and Chief Executive Judith McKenna met Commerce and Industry Minister Piyush Goyal on Wednesday to discuss India’s local sourcing norms.
The meeting assumes significance as Union Budget 2019-20 has proposed to relax local sourcing norms for foreign direct investment in single-brand retail.
Bentonville, U.S.-based Walmart International runs 25 wholesale stores in India under the Best Price brand. The U.S. retail major, which invested $16 billion in Flipkart, is facing challenges after the government issued new guidelines for e-commerce firms having foreign investment.
In her meeting with Goyal, McKenna expressed Walmart's commitment towards Make in India through local sourcing. "Happy to discuss Walmart's commitment to support Make in India through domestic sourcing, supporting local manufacturing and working with kiranas," McKenna said.
