Home / Knowledge / News / Apparel/Garments / Karnataka to open its doors for FDI in multi-brand retail
Karnataka to open its doors for FDI in multi-brand retail
27
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

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search