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Walmart sees Budget driving India’s domestic consumption, retail growth

Retail giant Walmart sees an increase in India’s domestic consumption and retail growth over a period of time on the back of social security measures proposed in the Budget.

The company, which has decided to focus only on wholesale business in India owing to several restrictions in the multi-brand retail segment, also feels that the Modi government’s continued focus on "Ease of Doing Business" will help the overall industry.

"Provision to provide social security measures for the middle-class and the bottom of the pyramid will help improve consumer confidence and sentiment." "Over a period of time, the middle class will be able to live in the present without the worry of the future and this should drive domestic consumption and retail growth," Walmart India President and CEO Krish Iyer said in a statement.