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AAP says NO to foreign retailers
Posted On: 14-01-2014 00:00:00 14

Last year the government had allowed upto 51% investment in multi brand retail with a rider that the companies must seek permission from local state governments before opening stores. As many as 12 states, mostly Congress-led, including Delhi had agreed to allow global retailers to open super market chains. Now the newly elected Aam Aadmi Party government in Delhi has withdrawn the approval given by the previous Congress government to foreign direct investment (FDI) in multi-brand retail in Delhi. Consequently Delhi has become the first state to withdraw permission for FDI in retail sector. The industry has reacted badly saying the move is likely to hinder foreign investments flowing into the country.

The Aam Aadmi Party in its manifesto had expressed its opposition to the policy of FDI in multi-brand retail. Earlier the BJP had threatened to reverse the Congress decision on allowing FDI in the retail sector if it won the next election. It is no surprise therefore that foreign retailers are slow to arrive in India with a multi brand offer. Last month, Britain's Tesco was the first to take the plunge, announcing it would buy a 50% stake in Trent Hypermarket ltd.

 
 
 

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