We actually have D-Mart and they are quite huge but not comparable to Walmart. These are present at multiple locations in tier-1 cities but are hardly present in tier-2 cities. The thing is even though these are very popular they are not shutting down local shops in the region that they are located. The sheer demand is so high that people get things from local shops instead of standing in long queues at D-mart.
To answer your question, yes Walmart can happen but it has to be ready for some serious competition because other than D-mart other big player JioMart backed by Reliance has entered this space recently.
Those millions who moved to middle class are also helping the layer below them. These lifted households are spending their wealth on house helps, local grocery stores, taxis/autos and a whole lot of other local businesses. This trickle down effect then boosts development in cities where these IT hubs are located. Even more students then want to join these IT companies and enjoy the lifestyle of their seniors thus continuing the cycle.
P.s. We spend money in local shops because the stores like Walmart have still not penetrated the Indian market as they have outside India.
"Prediction: AI will cause the price of work that can happen in front of a computer to decrease much faster than the price of work that happens in the physical world. This is the opposite of what most people (including me) expected, and will have strange effects"
And I was like yeah I gotta start preparing for next decade.
To answer your question, yes Walmart can happen but it has to be ready for some serious competition because other than D-mart other big player JioMart backed by Reliance has entered this space recently.