USIBC Hails India's Decision to Open Retail to Foreigners

NEW DELHI (NNN-Bernama) -- The Washington-based U.S.-India Business Council (USIBC) on Friday has hailed the Indian government's bold move to approve the opening of the nation's vast multi-brand retail sector to foreign direct investment (FDI), and expanding FDI into single-brand retail.

 

USIBC, comprising nearly 400 of America's and India's top companies, said that this move will benefit Indian consumers by bringing efficiencies and productivity to the farm-to-fork supply chain, as well as bringing down rising food prices and inflation, China's Xinhua news agency reported, citing a local press reports.

 

The news agency reported that these reforms will serve as an assurance to foreign investors that India's economic liberalisation agenda begun in the early 1990s is very much on track.

 

"The singular act of opening the multi-brand retail sector to foreign direct investment will significantly benefit the Indian consumer by spurring the modernization of India's vast agri-retail marketplace," Ron Somers, President of USIBC, was quoted as saying.

 

On Thursday, the Indian government has decided to allow foreign chain groups to open multi-brand retail stores for the first time in the country, by allowing 51 percent equity of such entities, as well as allowing 100 percent foreign equity in single-brand retail stores. --NNN-BERNAMA

 

CLICK HERE TO Get Free Information, News & Knowledge via Email