Photo: Ramesh Pathania/MintRetail firm Wal-Mart Stores Inc. has shown interest in opening retail food chains in India after the government allowed 100% foreign direct investment (FDI) in the sector, food processing industries secretary Avinash Srivastava said on Wednesday. Srivastava said he hopes this will give a big boost to the food processing sector, farmers’ incomes and to the employment generation in the country. Krish Iyer, president and chief executive officer of Walmart India, said the company is evaluating the model as per the guidelines announced by the government. This move will benefit farmers, give impetus to the food processing industry and create vast employment opportunities in the country,” he said. The food processing industry contributes around 9% of India’s manufacturing GDP.

Source: Mint August 17, 2016 19:30 UTC