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December 06, 2012
Arun Jaitley pointed out that there was a huge difference between Walmart entering India and the company entering China. "At least 95 per cent of what Walmart sells in China is manufactured in China. But this will not happen in India because we will be working on a different model."
Jaitley also points out that he cannot fathom why the government says the decision to implement FDI can be left to the states, that there was no compulsion. "The decision to implement something as important as Foreign Direct Investment has to be vested with the Union government, how can states decide?" Jaitley then quotes Kamal Nath's interview to the BBC, where he had said that FDI would lead to job loss.