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Market crisis may hasten FDI in retail
Posted On: 20-10-2008 08:48:15 AM

Hectic discussions are on within the Govt. to liberalize FDI norms and relax regulations to attract investments. The bid to ease FDI restrictions comes on the back of the current liquidity crisis, which has been compounded by a significant outflow of foreign investments by FIIs. It is believed that with India still remaining a large economy, which is expected to sustain an economic growth of 7% + in the coming years, policy moves should be made to make the country an investment destination. The Department of Industrial Policy & Promotion and the Finance Ministry are working jointly to do away with the cap on FDI in single-brand retail and allow up to 100% foreign investment. The current policy permits foreign investments up to 51%. This apart, consultations are on to examine the possibility of allowing 51% FDI in multi-brand retail in select areas like sports goods and electronics. The relaxation are likely to come with a rider i.e. foreign firms would be allowed to hike their investment only when they agree to source 50 percent of the products from the home country. The decision is based on the recommendation proposed by the National Manufacturing Competitiveness Council (NMCC) an independent body set up by the prime minister, that has put forward these suggestions so as to push up the growth rate of the manufacturing sector.

 
 
 

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