IKEA is withholding its entry into India in spite of New Delhi's move to open its market to foreign retailers as the Swedish homewares company accelerates its expansion in other BRICS countries.

Mikael Ohlsson, CEO, told the Financial Times that India's requirements that single-brand retailers source 30 percent of their goods from local small and medium-sized companies was an obstacle to its investment that needed reviewing.

At a time of fragile western consumer markets, IKEA is building a presence quickly in leading emerging markets. Last year, its fastest sales growth was in China and Russia.