• search

FDI in retail: Another window soon: Kamal Nath

Written by: Staff

Hannover, Apr 24 (UNI) Having allowed entry to foreign direct investment in the single brand companies, the government will soon announce ''another window'' for FDI in retail, Commerce and Industry Minister Kamal Nath said today.

''We will announce another window for FDI in retail in the next six weeks,'' Mr Kamal Nath told reporters on the sidelines of the Hannover Fair 2006.

Despite tough opposition from the UPA supporting Left parties, the government has already notified FDI upto 51 per cent in retail trade of single brand products like Reebok and Nike.

While Mr Kamal Nath did not elaborate on the next ''window'' for FDI in retail, it is understood that it could be allowed inside the Special Economic Zones. The Government has sanctioned over 150 SEZs which will be treated as foreign territories within the country.

The Commerce and Industry Minister said he would insist on the foreign retail players to first come and invest in the backchain of supply like cold storage etc. In the FDI, it is not FDI versus domestic investment . ''It is big versus small. I cannot stop Reliance from setting up a 500,000 square feet chain while I can ask a foreign player to restrict the area,'' he said.


For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more