Don’t miss the latest developments in business and finance.

Operationalisation of 51% FDI in multi-brand retail approved

Image
Press Trust of India New Delhi
Last Updated : Jan 24 2013 | 2:10 AM IST

The Cabinet headed by Prime Minister Manmohan Singh cleared the decision at a meeting this evening, a Union minister, who asked not to be identified, said here.

For single-brand retail, the Cabinet decided that any firm seeking waiver of the mandatory 30 per cent local sourcing norms would have to set up a manufacturing facility in the country, the minister added.

In November last year, the government had approved 51 per cent FDI in multi-brand. This was, however, put on hold due to political opposition, including from UPA constituent Trinamool Congress.

The minister said since the implementation of the decision was put on hold, it had to go to the Cabinet again before going ahead with the decision.

  

More From This Section

First Published: Sep 14 2012 | 6:15 PM IST

Next Story