FDI norms have been approved for various sectors including retailing to open foreign direct investment, stated Cabinet.
As much as 51 percent FDI is allowed by the Cabinet in single brand retailing by foreign companies Reebok and Louis Vuitton.
From now, single brand retailers operate via franchisee route and industry experts firmly believe that FDI in this sector would not cause job loss or influence the local industry.
Reserve Bank of India has offered automatic route under which FDI up to 100 percent has been allowed.
The Cabinet wants to draw more foreign capital by reducing the levels of control in most sectors and therefore, opened up more sectors, said officials.
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