The government is expected to take a decision on liberalising foreign direct investment (FDI) in the politically sensitive multi-brand retail sector soon.
"We are soon going to take a decision on FDI in multi brand retail. We are in consultations with other five-six ministries," Minister of State for Commerce and Industry Jyotiraditya Scindia today said.
At present, 51% FDI is allowed in single-brand retail, while foreign investment is prohibited in multi-brand retail. However, 100% FDI is permitted in the wholesale cash-and-carry segment.
Many domestic retailers, as well as international chains like Wal-Mart, Tesco, Carrefour and Metro have been lobbying with the government here to open up the sector further, including allowing FDI is multi-brand segment.
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