Govt to notify 100% FDI in single brand retail soon/news06012012

The government is soon expected to issue the notification allowing 100% foreign direct investment in single brand retail, Industry Secretary, P.K.Chaudhery said.

After years of delay due to political opposition, the cabinet on November 24 approved 51% foreign ownership in multi-brand retail, with conditions, and full ownership in single-brand retail.

However, the government later suspended plans to open its $450 billion supermarket sector to foreign firms due to huge political opposition, backtracking from one of its boldest reforms in years.
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