Wal-Mart sets up arm in India (siliconindia.com)

Wal-Mart currently imports goods worth $12 billion from China and $1 billion from India. It has set up a wholly owned subsidiary in India to expand their sources and to reduce their dependance on China.

This is good news for Indian manufacturers. And the retailers can rest till Wal-Mart starts launching their big-box stores in India.