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Indian govt may relax local sourcing clause for IKEA
17
Jul '12
Mr. Anand Sharma
Mr. Anand Sharma
The Government of India would mull over the large-scale sourcing that the IKEA Group is currently doing from India, while deciding on the Swedish house-wares application for large-scale investment in India, said Commerce and Industry Minister Mr. Anand Sharma.
 
Mr. Sharma said the IKEA Group sources over 30 percent of its entire textile range for international markets from India, which already represents a substantial amount of sourcing, and hence the Government will consider this aspect while deciding on its application for investing in the country.
 
The Swedish conglomerate penetrated into Indian market last year following a policy change allowing single-brand retailers to hold 100 percent stake in their Indian units.
 
Eyeing expansion, last month, the firm sought permission to invest € 1.5 billion or US$ 1.83 billion in India to launch 25 brand outlets in the country over the next few years.
 
The Minister’s statement has come at a time when there are speculations if Government of India would agree to relax the current rules that require foreign firms to source minimum 30 percent of the value of products sold in India from domestic small and medium enterprises.
 
The provision is being considered as a road block preventing overseas retailers from setting up their outlets in India.
 

Fibre2fashion News Desk - India


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