India is to throw open its $450bn retail sector to foreign supermarkets, granting full access to groups such as Walmart, Carrefour and Tesco, which have long sought to enter an underserved market of 1.2bn people.
The government of Manmohan Singh, prime minister, decided late on Thursday to allow foreign groups to invest up to 51 per cent in “multi-brand retailers”, as supermarkets are known in India, in the most radical pro-liberalisation reform passed by an Indian cabinet in years.
It also raised the limit to 100 per cent from 51 per cent on the cap on foreign direct investment in single-brand retailers.
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