Open the shutters

Even as the UPA’s effort to introduce 51 per cent FDI in multi-brand retail fell on its face, the proposal to allow 100 per cent FDI in single-brand retail is through. Just before the finance minister goes to the US to speak to investors, this decision is something of a face saver. The department of industrial policy and promotion formally announced the decision, with the condition that in case a foreign investor owns 51 per cent or more of a firm, it must procure at least 30 per cent from small and medium domestic businesses.

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