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
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