Several global apparel retailers are reviving their plans to enter India and are eagerly waiting for the Cabinet approval for opening up of India's US$ 700 billion retail market to international investors.
Last month, a proposal to allow foreign direct investment (FDI) in India's multi-brand retail was cleared by a committee of secretaries. The proposal now awaits the approval of the Prime Minister's Cabinet.
The hopes of foreign retailers to enter Indian market have increased after the proposal for allowing FDI was cleared by the committee of secretaries. Being confident of being able to deliver better value to Indian customers, some international retail brands have started making moves through various trade channels to grab a slice of the Indian clothing retailing pie.
In the midst of global economic uncertainties, India has a relatively robust economy, which naturally makes it a priority market for major international retailers planning business expansion.
Even the world's top three multi-brand retailers - Wal-Mart, Tesco and Carrefour – are waiting for the Cabinet approval.
Fibre2fashion News Desk - India
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