India clarifies on sourcing by foreign retailers

There is no restriction for sourcing the products and 100 percent FDI is allowed in back-end chain and it would be up to the foreign retailers to source products from across India depending on logistics, said Mr. Sharma, The Economic Times reported quoting PTI.

After meeting the Walmart International Chief Executive Doug McMillon and Tesco Chairman Richard Broadbent separately, the Minister said the foreign retail investors were seeking more clarifications on India’s FDI policy and they were enquiring about the restrictions on sourcing area.

Earlier this month, speaking at the World Economic Forum, Mr. Sharma had said that investors need not worry about any reversal in India’s foreign direct investment (FDI) policy in multi-brand retail.

Fibre2fashion News Desk - India