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Karnataka to open its doors for FDI in multi-brand retail
Jun '13
The southern Indian state of Karnataka is likely to soon allow foreign direct investment in multi-brand retail trading (MBRT), according to the Department of Industrial Policy and Promotion (DIPP).
Earlier this month, the north Indian state of Himachal Pradesh agreed to allow FDI in MBRT, thus taking the tally of states and union territories that have agreed to the Union Government’s policy to 11.
The change in stand of the Karnataka government to allow FDI in multi-brand retail has come after the recent change in government. It would become the 12th state and union territory to implement the Central Government’s policy, when it formally notifies the same.
Andhra Pradesh, Haryana, Maharashtra, Rajasthan and Manipur are among the states that have agreed to implement the Indian Government’s decision to allow up to 51 percent FDI in MBRT.
The decision by the state government would clear the way for several global retailers to open their outlets in Karnataka.
Meanwhile, Bangalore Chamber of Industry and Commerce (BCIC) has welcomed the Karnataka government’s intention to allow FDI in multi-brand retail and termed it as a step in right direction.
The decision would lead to a surge in retail activities in the state, and in the process boost employment, benefit the consumers, and strengthen the state’s economic growth, BCIC president M Lakshminarayan said in a statement.
Since the Government of India allowed FDI in the country’s multi-brand retail sector in September 2012, the Foreign Investment Promotion Board (FIPB) has so far not received any proposal from global retailers.
The Indian Government is now pondering on increasing the FDI limit from the current 51 percent to 74 percent, as recommended by Arvind Mayaram Panel.

Fibre2fashion News Desk - India

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