Global retail major Walmart has reported in its disclosure that it has spent close to USD 25 million (aboutRs.125 crore) since 2008 on its various lobbying activities, including on the issues related to "enhanced market access for investment in India".
The disclosure has come at a time when India has just opened up its multi-brand retail sector for foreign companies after the government won the vote over the FDI policy in retail, in both houses of parliament.
Walmart stores has been waiting for a long time to enter the expanding retail sector in India which is currently of the size of about USD 500 billion and is pegged to cross USD one trillion mark by 2020. The sector is also lucrative as it promises growth of 15-20%over the next 5 years.
In US, the companies are allowed to lobby for their cases in various departments and agencies in the country, but they are required to file their lobbying disclosure reports every quarter with the US Senate.
What is Walmart?
- Wal-Mart Stores, Inc. branded as Walmart
- US multinational retailer corporation
- Runs chains of large discount department stores and warehouse stores.
- World’s third largest public corporation
- Biggest private employer in the world with over 2 million employees
- Largest retailer in the world
- Family-owned business (as the company is controlled by the Walton family who own a 48% stake in Walmart)
- S. Robson Walton (Chairman)
- 8,500 stores in 15 countries, under 55 different names
- Walmart’s investments outside North America have had mixed results: its operations in the UK, South America and China are highly successful, whereas ventures in Germany and South Korea were unsuccessful.