FDI in multi-brand retail may go to Cabinet after poll results
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Industry Ministry's proposal to open multi-brand retail for foreign investment is likely to go to the Cabinet soon after assembly election results of four states and a Union Territory, taking on board job-related concerns of the Labour Ministry, sources said.
The Cabinet note, circulated by the Department of Industrial Policy and Promotion (DIPP) has a rider that foreign retail giants will have to invest a minimum of USD 100 million, half of which must go to the back-end infrastructure like cold storage, soil testing labs and seed farming.
In the event of the proposal getting approved, multi- national retailers like Wal-Mart, Carrefour and Tesco which have been awaiting the government's decision, would be allowed in cities with population of over one million (according to 2001 census). (PTI)
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