India Reforms Suffer With Wal-Mart’s Retreat

It was the change that was supposed to demonstrate India’s government was serious about reform after years of missteps: Defying critics in their own coalition as well as the opposition party, Prime Minister Manmohan Singh and his new economic team, led by well-respected Finance Minister Palaniappan Chidambaram, in August successfully opened the country’s retail market to foreign companies including Wal-Mart Stores and Tesco.

Instead, the policy has turned into the latest embarrassment for the beleaguered government struggling to revive a stalled economy. Despite the ballyhooed opening of the market, no major foreign retailer has made a move to take advantage of the liberalized rules.
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