Walmart, a retail giant hailing from America and operating in India has released in its statement the upcoming GST regime will be blessing the retail chain with a bunch of profits and other benefits in the loop. The goods and service tax is about to roll out in few days with a nationwide impact over business units.
Krish Iyer, president and CEO of Walmart India mentioned in a statement that, “For instance, in the medium to long term when it becomes one national unified market, you don’t need a warehouse in every single state. That’s a big benefit in terms of economies of scale, how one can drive economies of scale.”
“Eventually, if we are able to run the business at lower cost, we will pass it onto the consumers, and the prices of the central commodities can come down, so it’s a win-win for everyone, for the consumer, for the state, as well as for the business.” he added
There were long and detailed plans on the list of expansion strategy and to this, the head mentioned that “We’re appreciative of what the government is currently doing in terms of reforms, and we had no specific discretion. We are happy with the way the government is getting out various refunds.”
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According to the expansion rate, it is speculated that the Walmart is getting itself placed in higher ranks on the Indian market footprints. “We were very appreciative of the GST, particularly the changes that will come into effect from first of July, and we believe that GST will be a game-changing reform, and will remove a lot of barriers which currently exist.” as mentioned by Iyer.
Recently Walmart CEO Douglas McMillion had a meeting with Prime Minister Narendra Modi where the CEO again spelt out that he wants to expand the business at a far-reaching level in India. “I have been witness to various changes and efforts that the government has made in the ease of doing business. The result may not be visible on the ground as of today, but I know that it takes time, and the various concepts, various concept like e-governance, and the efforts to really root out corruption, these are highly commendable, so I can give a lot of instances of the very strategic focus of the government in driving growth and creating jobs” he stated in the meeting.