FDI in multi-brand retail comes into effect
Showing resolve for reforms, the government today notified its decision to allow global retail giants like Walmart to open stores in India, on a day several political parties called Bharat Bandh to protest against the policy.
With this notification, multinational retailers can invest up to 51% to open stores in 10 states and UTs which, till date, have agreed to implement the decision.”Fifty-one per cent FDI in multi-brand retailing, in all products, will be permitted …,” a notification by the Department of Industrial Policy and Promotion (DIPP) said. It said the decision will take immediate effect.
The DIPP also operationalised September 14 Cabinet decisions to relax the sourcing norms for foreign retailers investing beyond 51% in single-brand retail and allow 49% FDI by foreign airlies in the domestic carriers.
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