India's foreign direct investment FDI norms in the multi-brand retail sector are a very well thought out policy which are unlikely to change any time soon, commerce and industry minister Piyush Goyal said Tuesday. Britain's prime ministerial frontrunner Boris Johnson had recently expressed his disappointment at UK retailers like Sainsbury's and Waitrose not being able to set up base in India and had said he would like to see India opening up to more of our great brands. So, for the present, we would not like to change that," he said. And we would like them to ensure that in letter and in spirit," Goyal said. The minister, however, highlighted the significant concessions and liberalisation planned for the single-brand retail sector so that more international companies can set up stores in India and expand their business. In reference to the key outcomes of JETCO, the minister said that he has observed an enthusiastic approach within the UK government to make the best out of the opportunity that will come out of Brexit.
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The decision to tighten FDI norms for investors from neighbouring countries timely: Experts. Rahul Gandhi thanks government for changing FDI norms after his warning. New FDI norms unlikely to meet objective of higher inflows. All rights reserved. For reprint rights: Times Syndication Service.
Vodafone Idea. Market Watch. Pinterest Reddit. There remains on-ground opposition for FDI in multi-brand retail from local traders, who fear being thwarted by the deep pockets and increased competition from foreign players. New Delhi: The UK-India Business Council has urged the Narendra Modi-led government to revisit FDI norms in the politically sensitive multi-brand retail segment to attract more investments by foreign companies who have largely shied away from the sector.
India permits foreign direct investment FDI in the multi-brand retail sector with a cap of 51 per cent ownership by overseas players. However, the FDI policy also imposes several conditions on foreign players related to mandatory sourcing of goods from MSMEs and investment in back-end infrastructure. So far, only one foreign player, UK-based Tesco , has received approval for opening stores under the multi-brand retail policy.
The Congress-led UPA government had cleared the proposal. He said the local sourcing norms are acceptable but the significant requirement in terms of investment in logistics and back-end infrastructure may or may not suit the individual retailers. Read more on New Delhi. FDI norms. Foreign Direct Investment. Add Your Comments. Follow us on. Download et app. Become a member. Digital screen overuse during lockdown boosts demand for protective clear glasses, say leading eyewear retailers.
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FDI in multi brand retail sector of India and its Effects
The decision to tighten FDI norms for investors from neighbouring countries timely: Experts. Rahul Gandhi thanks government for changing FDI norms after his warning. New FDI norms unlikely to meet objective of higher inflows. All rights reserved.
Foreign Direct Investment in single brand, multi-brand retail and e-commerce
Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at mi fibre2fashion. FDI in retail: Local sourcing seems to work well in multi-brand retail, but not in single brands. The government will consider waiving the local sourcing requirement for foreign investors in single-brand retail on a case-to-case basis to attract investments, a senior government official told ET. The sourcing clause may be removed for those single-brand retailers who can establish that it is not possible for them to procure goods from local small enterprises because of technology or product sophistication. There is a need to consider such cases," the official said.
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