India’s retail industry makes up about 15 percent of the country’s GDP, which ranks it as one of the top five retail markets in the world. Until 2011, the country relied on mostly owner operated small stores.

It was on this day, November 24th, in 2011 that India allowed for more relaxed rules for retailers like Wal-Mart and Tesco to operate in India.

Beforehand, large supermarkets and convenience stores only operated in large urban cities. However, the relaxed rules, announced by the government of prime minister Manmohan Singh, allowed for global competition to enter the market. Large stores can now operate in smaller cities. This change allows stores to reach more of the Indian population.