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Thursday, July 02, 2009

Open retail market to foreign investors

In order to drive economic growth

The Economic Survey for 2008-09 was presented by Finance Minister Pranab Mukherjee in Parliament today, 2 July 2009.

The FM said the country needs to fully open its retail market to foreign investors in order to drive economic growth while presenting the Economic Survey. This was earlier put on hold due to pressure from the Left parties.

So far, India allows 51% foreign direct investement (FDI) in single brand stores, and 100% in wholesale cash & carry model, but has kept out FDI in multi-brand retail owing to political opposition

Making a strong case for opening up multi-brand retail to FDI, the Economic Survey said that a beginning may be made with food retailing. Initially the FDI could be allowed subject to the setting up a modern logistics system, perhaps jointly with other organized retailers.

The Economic Survey, which is tabled by the Finance Minister before the presentation of the Budget, provides the government's assessment of the economy, outlines the problems facing the country and suggests measures for dealing with them.

The Union Budget for 2009-10 will be presented by the Finance Minister Pranab Mukherjee in the Parliament on Monday, 6 July 2009.

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