51 percent foreign direct investment in multi-brand retail now allowed in India

Sushubh

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India's Cabinet decided Thursday to allow more direct foreign investment in the huge retail industry, a move that could strengthen the country's food supply chain and open India to giant global retailers such as Wal-Mart.

The Cabinet approved 51 percent foreign direct investment in multi-brand retail and increased the FDI cap in single-brand retail to 100 percent despite resistance from both allies and opposition parties.

India currently allows 51 percent foreign investment in single-brand retailers and 100 percent for wholesale operations. Top retailers like Wal-Mart, Carrefour and IKEA have long lobbied to free the policy further.

India opens market to foreign multibrand retailers — old.news.yahoo.com — Readability
 

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whoa. you guys are brainwashed. :p

It was always coming........ Took some time. But was inevitable..........