No FDI in Multi-brand Re­tail

The Economic Times - - Modi Sarkar -

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.

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