Walmart India CEO Krish Iyer has said that series of measures like demonetization, Goods and Services Tax (GST) announced by the Indian Government will be beneficial for the retail sector of the country. These initiatives will be helpful in getting good amount of foreign investment into Indian market.
“Demonetization, structural reforms and GST will propel the retail sector into the modern economy, and help attract significant foreign investment,” he was quoted as saying.
Walmart however felt the adverse impact of demonetization in initial days, but subsequently benefited as well. The non-cash transaction has gone up by more than 100 per cent. Before demonetization the non-cash transactions account for 70 per cent of business now compared to 30 per cent pre-demonetisation, Iyer underlined.
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Walmart India currently operates 21 stores across the country in ‘cash and carry’ format and plans to open 50 more stores in next five years.