Moneycontrol
Nov 25, 2011 10:03 AM IST | Source: CNBC-TV18

Cabinet approves 51% FDI in multi-brand retail

Indian retailers finally get a chance to rejoice as the Cabinet today cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand.

Cabinet approves 51% FDI in multi-brand retail

Indian retailers finally get a chance to rejoice as the Cabinet today cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand.

Commerce and industry minister Anand Sharma said that he would give a statement in Parliament on retail FDI.

Currently, India allows 51% FDI in single brand retail and 100% FDI in cash and carry format of the business.

The decision will be cheered by global retail giants such as Wal-Mart that have long been eyeing India's lucrative retail sector which is mainly populated by small

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