Pushing a major reform, the government today allowed 51 per cent foreign investment in the multi-brand retail, paving way for global chains like WalMart, Carrefour and Tesco to open mega stores in 53 major cities. The decision, a game-changer for the estimated USD 590 billion (Rs 29.50 lakh crore) retail market, is taken at the meeting of the Cabinet presided over by Prime Minister Manmohan Singh..
Pushing a major reform, the government today allowed 51 per cent foreign investment in the multi-brand retail, paving way for global chains like WalMart, Carrefour and Tesco to open mega stores in 53 major cities. The decision, a game-changer for the estimated USD 590 billion (Rs 29.50 lakh crore) retail market, is taken at the meeting of the Cabinet presided over by Prime Minister Manmohan Singh.
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Government on Monday (June 20) relaxed Foreign Direct Investment (FDI) norms in a host of sectors including civil aviation, single-brand retail, defence and pharma by permitting more investments under automatic route.
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Trader’s body Confederation of All India Traders (CAIT) has called ‘Bharat Bandh’ on September 28 against the acquisition of Flipkart by Walmart and Foreign Direct Investment (FDI) in retail.
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90-day Rath Yatra of Traders From Across The Country Protesting Retail FDI and Walmart-Flipkart Deal Reaches Goa
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