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Government announces FDI in multi-brand retail

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Friday, September 14, 2012, 17:37:56 (IST)
 
NEWS FLASH

The government has announced Foreign Direct Investment (FDI) in multi-brand retail.

The decision was taken at a meeting of the Cabinet Committee on Economic Affairs this evening.

The move will allow global firms such as Wal-Mart to set up shop with a local partner and sell directly to consumers for the first time.

The move had so far been staunchly opposed by several allies of the Congress including the Mamata Banerjee-led Trinamool Congress.
 

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