No FDI in Multi-brand Retail
The new government will stick to the BJP’s manifesto and will not allow foreign direct investment in multibrand retail. "It will adversely impact small traders and farmers, who are not adequately empowered at present," said Nirmala Sitharaman, the minister for commerce and industry. The party’s manifesto had promised to keep multibrand retail away from foreign investment, but allow FDI in sectors “wherever needed for job and asset creation”. The previous government had in 2012 allowed up to 51% FDI in the multibrand, or supermarket, segment. UK-based Tesco had sought and got clearance to set up front-end shops in a joint venture with Tata’s Trent in a $110 million deal.