India nearer to liberlising FDI in retail trade
17 Nov 2011
India is expected to throw open its markets to multi-national multi-brand retailers such as Walmart and Tesco with the government finally agreeing to a political initiative that has stalled a policy shift for years.
The finance ministry has given its approval to a cabinet proposal for 51 per cent foreign direct investment (FDI) in multi-brand retail trade.
Reports quoting official sources said today that the final cabinet note on retail foreign direct investment (FDI) is likely to be issued next week.
Besides seeking 51 per cent FDI in multi-brand retail, the cabinet note also proposes to increase FDI in single brand retail from 51 per cent to 100 per cent.
"Finance ministry has given concurrence to the proposal of the Department of Industrial Policy and Promotion (DIPP) on allowing FDI in multi-brand retail sector," reports quoting sources at the finance ministry said today.
The DIPP had earlier circulated a draft cabinet note to seek inter-ministerial views on the issue.
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