Govt to notify 100% FDI in single brand retail soon

The government is soon expected to issue the notification allowing 100% foreign direct investment in single brand retail, Industry Secretary, PK Chaudhery said on Friday.

After years of delay due to political opposition, the cabinet on November 24 approved 51% foreign ownership in multi-brand retail, with conditions, and full ownership in single-brand retail. However the government later suspended plans to open its USD 450 billion supermarket sector to foreign firms due to huge political opposition, backtracking from one of its boldest reforms in years.