From unfriendly to ambiguous

The time for FDI in multi-brand retail has clearly passed: Multinationals have either moved on to other business models or other geographies

It has passed,” then Walmart Asia Chief Executive Scott Price had famously said in October 2013 on the sidelines of a conference in Bali about the relevance of India’s foreign direct investment (FDI) policy in multi-brand retail. Within days, Walmart and Bharti group terminated their partnership for retail business in the country, putting an end to the American major’s dream of tapping the buying power of a rising middle class in India.
 
Price’s remark had come against the backdrop of an investor-unfriendly policy. In 2012, the United Progressive Alliance government had allowed 51 per cent FDI in multi-brand retail,