Shares of Retail Companies advances after FM Union Budget 2011-12 said efforts are going on to arrive at consensus for 51% FDI in multibrand retail
On the BSE: Shoppers Stop up 4.11%, V2 Retail up 2.34%, Koutons Retail India up 1.94%), Store One Retail India up 4.78%
The Cabinet had cleared the proposal for 51% foreign direct investment (FDI) in multi-brand retail on November 24, 2011. However, in the face of intense criticism, from within and outside the coalition, it put the liberalisation in foreign investment rules in multi-brand retail on hold.
The Cabinet's decision on FDI had united the Left and the Bharatiya Janata Party (BJP) against the government, and led to strong demands of a reversal even from allies like Mamata Banerjee, who are key to the survival of the United Progressive Alliance (UPA). The principal opposition party, BJP, believes 51% FDI in multi-brand retail will affect the services and manufacturing sectors of the Indian economy and lead to a massive loss of jobs.
....more info
On the BSE: Shoppers Stop up 4.11%, V2 Retail up 2.34%, Koutons Retail India up 1.94%), Store One Retail India up 4.78%
The Cabinet had cleared the proposal for 51% foreign direct investment (FDI) in multi-brand retail on November 24, 2011. However, in the face of intense criticism, from within and outside the coalition, it put the liberalisation in foreign investment rules in multi-brand retail on hold.
The Cabinet's decision on FDI had united the Left and the Bharatiya Janata Party (BJP) against the government, and led to strong demands of a reversal even from allies like Mamata Banerjee, who are key to the survival of the United Progressive Alliance (UPA). The principal opposition party, BJP, believes 51% FDI in multi-brand retail will affect the services and manufacturing sectors of the Indian economy and lead to a massive loss of jobs.
....more info