Source: Business Standard, Dec 13, 2018
“You know the multi-brand retail policy that exists today. There is no proposal for change,” Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said here.
He was replying to a question whether the government is looking at increasing FDI cap to 100 per cent in the sector, a politically sensitive segment.
Although the current FDI policy permits overseas players to hold 51 per cent stake in an Indian multi-brand retail company, the BJP in its election manifesto had opposed overseas investment in the retail segment.
So far, only one foreign player, Tesco, has received approval for opening stores under the multi-brand retail policy. The previous UPA government had cleared the proposal. Read the rest of this entry »