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 smallDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
