- 25 Nov 2011 17:35
#13838871
http://www.bbc.co.uk/news/world-asia-india-15885004
Sound economic policy from the Indian government, lets destroy homegrown retailers by opening up the market to foreign behemoths.
There has been uproar in India's parliament over the cabinet's decision to open up the retail market to global supermarket chains.
One key government ally, the Trinamool Congress, joined opposition parties in shouting slogans and unfurling banners.
The lower house had to be adjourned, and Trade Minister Anand Sharma instead held a press conference to spell out details of the policy.
He said the "India-specific" scheme would create tens of millions of jobs.
The cabinet's move allows 51% foreign direct ownership (FDI) of multi-brand retail stores, allowing groups like Tesco and Wal-Mart to open stores. Such operators currently can only sell wholesale in India and not directly to customers.
http://www.bbc.co.uk/news/world-asia-india-15885004
Sound economic policy from the Indian government, lets destroy homegrown retailers by opening up the market to foreign behemoths.