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Article: No change in India's foreign investment policy in retail

Article from:
The Hindustan Times
Article date:
November 8, 2009
Copyright

New Delhi, Nov. 8 -- There will be no change in the government's policy of a ban on foreign direct investment in multi-brand retail industry, Commerce Minister Anand Sharma said here Sunday.

"I have advocated for a single brand retail chain. I do not see any need for change in policy," Sharma said at the India Economic Summit of the World Economic Forum, referring to the 51 percent foreign equity permitted in single-brand retail chains by India.

He was speaking in the context of last week's meeting between visiting Wal-Mart chairman S. Robson and Prime Minister Manmohan Singh. Robson also met Sharma.

Wal-Mart, along with Bharti group, runs a cash-and-carry wholesale retail chain in India, ...

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