News Portal: Government announces FDI in multi-brand retail

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.