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| Wal-Mart chief Mike Duke confident |
| Wal-Mart chief Mike Duke confident of setting up India business
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| UNITED STATES OF AMERICA
, 11-December-2012
23:46:34 PM |
| Amid fierce opposition to Foreign Direct Investment (FDI) in multi-brand retail and the Indian government agreeing to an inquiry into lobbying by Wal-Mart, the global retail giant says it's confident of setting up shop in the country.
Mike Duke, President and CEO of Wal-Mart Stores Inc, believes the hurdles in India will eventually get ironed out. "I still believe that in India things will get worked out. I am confident that is a country that has such an opportunity to help both the farmers, the consumers all the way up to the supply chain. I have travelled in India. I feel for the people of India. India is missing on the opportunity because of inefficiency of the supply chain. I believe that over time, the process will get worked out in India and we can help people in India live a better life," Mr Duke told NDTV.
Wal-Mart is one of the world's most successful and also one of its most controversial companies. Its model of global-sourcing at a very large scale helps ensure that prices are low for customers. Wal-Mart says this allows them to give people a better life.
But the retail giant also has many critics. Labour unions, environmental activists and community groups have been protesting against its policies, business practices and foreign product sourcing methods. Wal-Mart even faces charges of racial and gender discrimination.
Wal-Mart denies doing anything wrong and maintains that low prices are the result of efficiency. In November, in another setback, the multinational retailer revealed it had ordered an internal probe into potential violations of anti-corruption law in Brazil, China and India.
"We will take appropriate action on the conclusion of this investigation, but rest assured we are not waiting for the outcome. We are using every opportunity to improve. This will make Wal-Mart an even better company. We look at markets around the world and have included a new office of compliance.
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