India’s opposition Bharatiya Janata Party, widely tipped to form the next government, said in its election manifesto on Monday it would encourage foreign direct investment but appeared to close the door to global retailers eyeing the country.
On foreign investment, it said: "Barring the multi-brand retail sector, FDI will be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialised expertise."
"It is unfortunate and a massively regressive decision," a senior official at Trent, the local partner of Tesco, the only foreign retailer to have committed to setting up a chain of stores in India, told Reuters.
(Source: Business Standard )