Govt to go ahead with 100% FDI in single-brand retail: Sharma
The government Tuesday said it will go ahead with its decision to allow 100 percent foreign direct investment (FDI) in single-brand retail.
New Delhi: The government Tuesday said it will go ahead with its decision to allow 100 percent foreign direct investment (FDI) in single-brand retail.
"In single brand retail, there will not be a pause, it’s a good beginning .... The Cabinet has approved both (single and multi-brand retail). There is a pause when it comes to notification of the decision taken that is for multi-brand retail for now," Commerce and Industry Minister Anand Sharma said during his meeting with fashion industry people here.
The government has decided to suspend its decision to allow 51 percent FDI in multi-brand retail due to the logjam in Parliament over the issue.
The government had also decided to increase FDI in the single-brand retail sector to 100 percent from 51 percent at present. However, it has not yet notified the decision on single-brand retail.
Speaking on the occasion, Textiles Secretary Rita Menon said that there is a need to open the branches of prestigious National Institute of Fashion Technology (NIFT) in the under-developed parts of the country.