“We have permitted 100 percent foreign direct investment (FDI) in single-brand retail and a consensus is being evolved to open FDI in multi-brand retail”, said the Finance Minister – Pranab Mukerjee.
He said this while addressing the annual session of ASSOCHAM – one of the leading trade bodies in India.
It may be recalled that the government had initiated a policy to permit global multi-brand retailers like Wal-Mart to open stores in India. But following the fierce opposition from political parties, withdrew the decision.
Fibre2fashion News Desk - India
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