The most talked,hated about union between Wal-Mart Inc and Bharati of India has started on its trip.
Executives from U.S. retail giant Wal-Mart toured Indian stores on Thursday as they work on a deal that could change the face of the country’s $300 billion retail sector and has sparked fears of mass job losses.
In New Delhi, over 100 demonstrators waving banners and shouting slogans marched on government buildings to protest against the entry of the world’s largest retailer into India.
Some broke through police barricades and burnt an effigy of a dummy with “Wal-Mart Down” scrawled on it.
“Go back Wal-Mart,” protesters shouted, waving placards saying: “Save Small Retailers”.
Wal-Mart and Bharti plan a joint venture for cash-and-carry in a retail sector that is dominated by small family-run stores. The sector is forecast to more than double by 2015, and has attracted the interest of other top global retailers such as Tesco Plc. and Carrefour.
Small shopkeepers fear Wal-Mart could put many of an estimated 40 million Indians who depend on retail out of work.
Globalization side effects Huh?