Sonia Gandhi cautious on Wal-Mart

Sonia Gandhi cautious on Wal-Mart
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First Published: Tue, Feb 06 2007. 02 46 AM IST
Updated: Tue, Feb 06 2007. 02 46 AM IST
By PTI
Congress President Sonia Gandhi is understood to have written to Prime Minister Manmohan Singh advising caution on allowing US retail giant Wal-Mart entry into India.
Her letter in this regard comes in the midst of a raging controversy over entry of the American retailer, whose presence political parties, especially the Left, feel can threaten millions of neighbourhood stores run by families and small traders in the country.
Gandhi is said to have counselled the government on the need to examine thoroughly, various issues like whether there were any loopholes in the Bharti-Wal-Mart venture and whether it complied with Foreign Direct Investment norms.
The Left parties have strongly opposed the Bharti-Wal-Mart joint venture, saying it was a backdoor entry for the US giant which would stamp out mom and pop stores in India.
The joint venture company proposes to open hundreds of supermarket and hypermarkets in the coming days.
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First Published: Tue, Feb 06 2007. 02 46 AM IST