Finance Minister P Chidambaram said on Thursday that he was confident that one or two large retailers will enter the Indian market by March next year.
He, however, did not name any retailer.
Mr Chidambaram was speaking to a Washington think tank.
India is defending government regulations that have prompted US retail giant Wal-Mart to hold back on opening superstores there.
Indian officials insist the rules to protect local businesses are not too restrictive for international companies.
The government last year allowed foreign companies to open multi-brand retail stores in India, but under the condition that they have to get 30 per cent of their products from local small businesses.
Wal-Mart Stores announced on Wednesday that it was calling off its JV with Indian partner Bharti Enterprises, saying it will independently own and operate separate businesses in the country.
(Read: Wal-Mart, Bharti Enterprises announce divorce)
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