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Walmart CEO seeks regulatory stability in e-commerce
Besides concerns related to data privacy, the American company has urged to reduce number of licences and permits for opening new stores
New Delhi: Walmart CEO Doug McMillon has written to Prime Minister Narendra Modi on issues related to data privacy and regulatory stability for the e-commerce sector and has urged him to reduce the number of licences and permits for the opening of new stores.
McMillon in a letter has assured the Prime Minister of Walmart's commitment to increasing global sourcing from India, empower small and medium enterprises and more job creation.
McMillon had met Modi during the prime minister's recent US visit. Global retail giant Walmart, which has invested $16 billion in Flipkart, is facing challenges after the foreign direct investment rules for e-commerce marketplaces were changed by the government through a revised policy on FDI in online retail.
"A stable, welcoming regulatory environment will allow us to continue to invest in creating more jobs and building infrastructure that benefits the Indian suppliers and customers," McMillon said in the letter.
He also appreciated the prime minister for listening to the retailer's concerns on regulatory stability and uniform implementation of regulations in the e-commerce and retail sectors.
"We have been encouraged by the recent consultations with your government and we remain ready to collaborate to ensure proper protection while creating a pro-growth agenda," it said.
The new FDI policy, which has come into effect from February this year has barred online marketplaces like Flipkart and Amazon from selling products of companies where they hold stakes and banned exclusive marketing arrangements that could influence product price.
It also mandates them to offer equal services or facilities to all its vendors without discrimination. Moreover, both leading online sellers are also facing regulatory investigations here for alleged violation of the guidelines by predatory pricing and deep discounting.
Doug McMillon has also raised the issues related to data privacy saying regulating new technologies are issues which are faced by the governments around the world.
"High number of overlapping permits are challenge in the retail sector as well. On average, we currently need more than 45 permits and three years to open a new best price store.
This is significantly longer than it takes in the US and many markets in which we operate," it said.
