Lee Scott meets Indian PM

Wal-Mart president and chief executive officer Lee Scott has met the Indian Prime Minister as part of the latter's three-day official visit to the US this week.

According to CNN, the meeting with Prime Minister Manmohan Singh on Tuesday was 'informal and brief', but highlights Wal-Mart's commitment to the region and demonstrates Singh's interest in attracting foreign retail investment.

It also suggests that the stalemate within the Indian government over the relaxation of the barriers to foreign investment could be on the verge of breaking.

Speculation has been growing about the interest of Western retailers in the subcontinent, although legislation in the country limits investment by foreign business and many in the fragmented government have opposed change.