November 17th, 2011
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51% FDI in retail sector approved by Finance Ministry

fdi-in-retailNew Delhi: The Union Finance Ministry approved the note on granting Foreign Direct Investment in India’s retail sector. India’s retail sector is one of the largest unorganised sector in the world that provides livelihood to a large number of people. This could affect all those common small scale vendors and retailers who would be overshadowed by large food chains and malls run by foreign institutions.

The note seeks allowing 51 per cent FDI in multi-brand retail. It is a highly controversial move opposed by the Left parties. The note also seeks to increase FDI in single brand retail from 51 per cent to 100 per cent. A final note in this regard is expected by next week. The retail stocks also gained momentum on reports that a final Cabinet note on FDI in retail was to be issued next week.


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