New Delhi: US-based retail giant Walmart on Wednesday said investment by the company in India's retail sector will create jobs, expand business opportunities for farmers and spur community development.
"An investment by Walmart would generate retail and construction jobs, create back-end infrastructure, spur community development, and expand business opportunities for small and marginal farmers and local SMEs," Walmart Asia President and CEO Scott Price said in a statement.
The company can offer customers a wide assortment of great merchandise at low prices and help them save money so that they can live better, he added.
Hailing the government's step to allow 51 percent FDI in multi-brand retail, Price said: "We look forward to working with the Government of India and state governments to understand the rules that exist for FDI, and we are committed to evolving and following them in a logical manner that benefits both the Indian customer and our business."
The company has plans to expand opportunities for farmers and help lower the cost of living for families in India, he added.
Meanwhile, Minister of State for Commerce and Industry S Jagathrakshakan in a written reply to the Rajya Sabha said a government appointed committee that is investigating alleged corruption charges against Walmart in India will submit its report by April.
The committee was mandated to probe whether the US retail giant had indulged in lobbying activities by violating Indian laws to gain access to this market.
As per the lobbying disclosure reports filed by Walmart with the US Senate, the company has spent close to USD 25 million (about Rs 125 crore) since 2008 on its various lobbying activities, including on the issues related to enhanced market access for investment in India.
First Published: Wednesday, February 27, 2013, 20:59