Home / Knowledge / News / Apparel/Garments / Indian govt to address concerns of global retailers on FDI
Indian govt to address concerns of global retailers on FDI
28
Jun '13
The Government of India would at the earliest address the concerns raised by global retailers, especially on investment and sourcing issues in connection with the country’s foreign direct investment (FDI) Policy for multi-brand retail trading.
 
Speaking to reporters after a Round Table meeting with the CEOs of leading international and domestic retail chains, India’s Commerce and Industry Minister Anand Sharma said retailers have sought a change in rules for FDI in multi-brand retail, and make the rules same as those applicable for 100 percent FDI in single-brand retail.
 
Mr. Sharma said the Government would soon address the concerns raised by the investors and bring more clarity in its FDI Policy for multi-brand retail.
 
He assured the potential investors that the Government will take an early and appropriate view and issue necessary guidelines.
 
The Round Table was called by the Minister to seek views of the global and domestic retailers on issues related to implementation of the FDI Policy and address their concerns, if any.
 
At the conference, the retailers requested the Government to modify the 50 percent investment in back-end infrastructure norm to make it applicable only on the first tranche of investment, instead of the entire investment.
 
Retailers also raised the issue of 30 percent sourcing clause and urged the Government to make it ‘preferable’, instead of ‘mandatory’, as it was not possible to buy everything from the SMEs, Bharti Enterprises vice-chairman Rajan Bharti Mittal told media.
 
The retailers said it was necessary that the Government quickly issues clarifications in order to generate greater interest among international investors to invest in the country.
 
CEOs of Tesco India, Carrefour, Aditya Birla Retail, Landmark and Reliance Retail were among those who participated in the investors’ conference with the Minister.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Paolo Ocleppo
Sandvik Hyperion

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Robert Brunner
Devereux

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search