This is one tidbit I'm quite happy to report. I really don't like Wal-Mart and when the big FDI approval came across, I was genuinely concerned for the "little man" in India.
You can read my thoughts on FDI here.
You can read a supporter of FDI's thoughts here.
And a little more of my disgust with Wal-Mart can be read about here.
I just knew Wal-Mart was going to try to squash the small business owners, even some large business owners, and take over, a tactic that worked for them here and I'm extremely happy to report Indian's didn't fall for this crappy way of thinking.
So this morning when I saw this news story, I had to read it. I couldn't be happier to hear that Wal-Mart's Indian dreams are being squashed instead of the kirana store owners, the street vendors, and the small stores that make communities in India more connected.
This news story specifically mentions the fact Wal-Mart didn't want to honor the Indian governments rule that 30 percent of the goods they sold had to come from small and medium-sized Indian businesses. They didn't want to honor that. Let it sink in. Wal-Mart didn't care to honor the very thing that makes India so unique to the rest of the world, the small and medium-sized businesses. This was the biggest selling point they felt the need to mention.
Of course, I dug further into this. Here's some very reputable sources for you to read up further on this story.
Bloomberg BusinessWeek: India Reforms Suffer With Wal-Mart’s Retreat
FirstPost Business: Damage control: Decoding why Bharti-Walmart love affair ended
FirstPost Business: Wal-Mart effect: Tesco won’t invest in India unless there’s clarity on retail FDI
Forbes: Why Wal-Mart Won't Change
Reuters: Wal-Mart and partner Bharti Enterprises call off India JV