Cabinet clears FDI in multi-brand retail

Mansi
Published on: Nov 25, 2011
714 views

Pushing a major reform, the government today allowed 51 per cent foreign investment in the multi-brand retail, paving way for global chains like WalMart, Carrefour and Tesco to open mega stores in 53 major cities. The decision, a game-changer for the estimated USD 590 billion (Rs 29.50 lakh crore) retail market, is taken at the meeting of the Cabinet presided over by Prime Minister Manmohan Singh.

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