Operationalisation of 51% FDI in multi-brand retail approved
New Delhi: Cabinet today decided to operationalise 51 per cent FDI in multi-brand retail but left it to the state governments to allow setting up of such stores.
For single-brand retail, the Cabinet decided that any firm seeking waiver of the mandatory 30 per cent local sourcing norms would have to set up a manufacturing facility in the country, the minister added.
In November last year, the government had approved 51 per cent FDI in multi-brand. This was, however, put on hold due to political opposition, including from UPA constituent Trinamool Congress.
The minister said since the implementation of the decision was put on hold, it had to go to the Cabinet again before going ahead with the decision.