I think the current restrictions on retail FDI are meant solely dissipate the energies of Indian players.
Walmart and others are expecting to come later and either pick up existing brands on the cheap or walk all over them by setting up bigger and better greenfield facilities.
Whatever the case big-ticket retail on the lines of Walmart or Tesco will be a failure. It will be decades before they will turn a profit. The current players are sitting on massive debt or burns swiped off the balance sheets of better-performing companies.
Reliance Industries announced at their AGM that it plans to take on Walmart. This is unbelievably stupid. Reliance should exit the segment. When Walmart exits, their properties can be picked up on the cheap. No, that won’t happen. Reliance will die a horrible death.