It appears that team Narendra Modi may have done a u-turn on its stand on FDI in multi-brand retail. A release by the FIPB shows that at its meeting on August 29, not one, but two FDI proposals were given the green light.
The first, was a proposal by Flamenco International to bring in Rs 40.5 crore as FDI for duty free stores. The second, also for duty free stores, is for a company called Miami Perfumes to bring in Rs 10 crore.
However, government officials tell CNBC-TV18 that this does not fly against the Modi government's stand of FDI in multi-brand retail. They say FDI has always been allowed in the duty-free shop segment, as technically, these shops do not fall under the ambit of Indian customs.
Discover 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!
