Last Updated : 15 September 2012 at 17:05 IST
India approves 51% FDI in multi-brand retail, a fillip to babycare products
Source :Commodity Online
This announcement will boost the sales of textiles, consumer items such as diapers, baby wipes, etc. in 1.1 billion populated India and will pave the way for the explosion of consumer goods usage.
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LUBBOCK, USA(Commodity Online): Textile and consumer goods such as diapers, baby wipes and feminine care products to get a fillip due to todays’ announcement by India on Foreign Direct Investments (FDI).
According to Press Trust of India, Union Cabinet headed by Prime Minister Dr. Manmohan Singh approved majority stake investment (51%) by foreign entities in multi-brand retail sector.
This announcement will boost the sales of textiles, consumer items such as diapers, baby wipes, etc. in 1.1 billion populated India and will pave the way for the explosion of consumer goods usage.
Although, the central government allowed major stake (51%) FDI in multi-brand retail sector, power rests with individual state governments to allow the set-up of retail outlets in their respective states.
Wal-Mart has already set-up via joint-venture Bharti Walmart Private Limited in India. According to Walmart, its first Best Price Wholesale cash-and-carry outlet in India opened in 2009. As of this August, there are 17 such outlets in India.
