While the controversy over allowing or banning foreign direct investment (FDI) in multi-brand retail trading (MBRT) is keeping every political party on its toes before the coming Lok Sabha elections, foreign multi-brand retailers seem to be avoiding India, at least for now.
Commerce and Industry Minister Anand Sharma had claimed that after Tesco, there would be one more foreign retailer entering the MBRT space. However, the claim did not materialise.
It seems the nodal agency for FDI – Department of Industrial Policy and Promotion (DIPP) – has not received a single application post UK retail major Tesco’s USD110-million proposal, a top official has told Business Standard.
(Source: Business Standard )