India not to rush into allowing FDI in retail: Official

Monday, 31 January 2011, 14:59 IST
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Davos: In a clear message to global retail giants like Walmart, Tesco and Carrfoure, the Indian government today said it will not rush into allowing FDI into politically sensitive multi-brand retail sector. "Until a decision is formally taken to allow foreign direct investment (FDI) in front-end multi-brand, the big chains can come to India and build up infrastructure and integrate (with) the (small) retailers," DIPP Secretary R P Singh told PTI at the annual WEF meeting here. The Department of Industrial Policy and Promotion (DIPP), an arm of the Industry Ministry, responsible for FDI related matters. Yesterday, India's Commerce and Industry Minister Anand Sharma had asked the global retail chains like Wal-Mart and Tesco to invest in the back-end infrastructure.
Source: PTI
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