New Delhi, May 17 (KNN) Walmart is keen to work with the country's small businesses as well as farmers, said Walmart India head Krish Iyer.

Addressing the CII Retail Conclave held at the India Habitat Centre, Iyer said if retail is granted the industry status in India, it would become more viable for the businesses, said.

He said India’s retail sector is vital for the economy and employment generation and it is time to elevate the position of the sector to an “industry”.

Iyer said that structural reforms like GST, IBC and public spending on infrastructure had made India an attractive destination.

"With the implementation of GST, India has become a borderless nation," said Iyer.

Highlighting the challenges, Walmart India CEO Iyer said the biggest challenge for a large format store in India is real estate as it is extremely fragmented and it takes three to four years in India to open a large store and one-third of the time is spent in conversion of the land to final industrial use.

Iyer stressed that India needs to create a million job every month for the next 10 years to ensure that all of its young members are fully employed and retail has the ability to create that job growth.