By IANS,
New Delhi : Commerce Minister Anand Sharma Friday formally announced the decision taken by India’s federal cabinet the previous evening to allow up to 51 percent foreign equity in multi-brand retailing and 100 percent in single-brand format.
Addressing a press conference here, the minister said the decision was taken after a year-long debate and consultations with all stakeholders in the most transparent and democratic manner.
“The minimum investment in multi-brand retail will be $100 million. This is minimum and not the maximum. Fifty percent will be in developing rural infrastructure,” Sharma said. “Thirty percent of sourcing will be from small and medium enterprises.”
Incidentally, the press conference was held soon after both houses of parliament were adjourned for the day after opposition parties, led by the Bharatiya Janata Party and the Left Front, disrupted proceedings protesting the decision on FDI in retail trade.