Loading...
See More

India approves FDI in supermarkets

Nov 24 2011 17:42 Reuters

Related Articles

FirstRand to start India retail bank

Brics bourses reveal cross-listing plan

India says EU, US must resolve debt mess

Clinton: US must learn from Brics

Indian rupee sinks against dollar

SA to host South-South summit

 
New Delhi - India will open the country’s retail industry to foreign supermarkets, a cabinet minister told reporters on Thursday, a much-delayed reform expected to help unclog supply bottlenecks and ease inflation over time.

The government has allowed 51% foreign direct investment in the multi-brand retail sector, Food Minister K V Thomas said. It also decided to raise the cap on foreign investment in single brand retailing to 100% from 51%, Thomas added.

The decision will be cheered by global retail giants such as Walmart that have long been eyeing India’s lucrative retail sector worth an estimated $450bn a year.

Efforts to liberalise the sector, perceived as politically risky ahead of elections next year in India’s largest state, Uttar Pradesh, have been hampered by the government’s political opponents and sections of the ruling coalition itself
walmart  |  brics  |  india economy  |  retail
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...