Union Cabinet approves panel to probe Wal-Mart’s lobbying
New Delhi: The Union Cabinet on Thursday approved the appointment of a one-man Committee into the media reports concerning Wal-Mart. The terms of reference of the Committee are as follows: to inquire into recent media reports on disclosures of Wal-Mart before the US Senate regarding their lobbying activities and details; whether Wal-mart undertook any activities in India in contravention of any Indian law; any other matter relevant or incidental to the above.
The Committee will submit its report within three months. It was reported last month that Wal-Mart, which had been waiting for years to open its supermarkets in India, has been lobbying with the US lawmakers since 2008 to facilitate its entry into the Indian market.
As per the lobbying disclosure reports filed by Walmart with the US Senate, the company has spent close to $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".
RBI Chief Raghuram Rajan stated that more economic data is needed to be confident that economic growth is picking up, although he added that the benefits to exports from the Rupee's fall is yet to kick in.
Date 22 hrs ago, Duration 2:19, Views 31