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India to consider FDI for multi-products in retail sector
Friday, 26 September 2008, 22:55 IST
New Delhi: India will look into the industry's demand for allowing foreign direct investment (FDI) for multiple products in the retail sector, said a senior government official here Friday.
"FDI is already permitted in the retail sector in some segments. There is a demand to extend FDI in retail sector. We need to take a call on this at one point of time," said Rakesh Kacker, additional secretary, Department of Consumer Affairs in the ministry of consumer affairs, food and public distribution.
"The government will decide in due course," Kacker told reporters on the sidelines of a retail summit organised by the Associated Chambers of Commerce and Industry (Assocham), an industry lobby.
About the single window clearance for setting up retail outlets in the organised sector, Kacker said the government would look into the suggestion.
"A plethora of clearances for setting up a retail outlet is an issue. We can see how to make the entire process easier. The single window concept is a good idea," said Kacker earlier in his address at the summit.
At present, India allows 100 percent FDI in cash-and-carry wholesale trading and export trading through the automatic route, while 51 percent FDI is permitted in single brand retailing.
"The government should think of providing single window facilitation for opening retailing outlets in the organised sector, and extending FDI to multiple brands retailing," said Amit Dev, chairman of Assocham's committee on retail committee.
According to a joint study by Assocham and accounting and consultancy firm KPMG, the total retail market in India is estimated at $353 billion in 2008, and is expected to grow at eight percent annually to touch $416 billion by 2010.
"The organised retail, which currently accounts for seven percent of the retail market, is projected to grow at a much faster pace of 40 percent per annum to become $51 billion by 2010," says the study.
Source: IANS
Source: IANS