India has approved long-awaited proposals to open up the retail market to global supermarket chains. Food Minister KV Thomas said the cabinet has agreed to 51% foreign ownership of multi-brand retail stores, allowing groups like Wal-Mart and Tesco to open stores. Such operators currently can only sell wholesale in India and not directly to customers. A decision on the issue has been pending for two years. Mr Thomas told reporters that the cabinet decided...

-The Hindu   This is a major step towards providing liberation to farmers, says Sharma Ridiculing claims that opening of foreign direct investment (FDI) in multi-brand retail will lead to displacement and unemployment, Union Commerce and Industry Minister Anand Sharma on Friday asserted that this bold move would lead to creation of 10 million jobs and billions of dollars in investments during the next three years. Brushing aside the criticism by the Opposition parties,...

-Reuters   Commerce minister Anand Sharma said on Friday that the government's new policy to allow foreign supermarkets into the country would create 10 million jobs over three years, while not affecting smaller, domestic retailers. The government on Thursday approved 51 percent foreign direct investment in the supermarket sector, paving the entry of firms such as Wal-Mart, Tesco and Carrefour into one of the world's largest untapped markets. The government will have the first...

Antony, Jairam and Virbhadra say it will hit small retailers badly The United Progressive Alliance government pushed through the proposal to permit 51% FDI in multi-brand retail and 100% foreign equity in single-brand trading on Thursday, in the face of vigorous protests not just from the Opposition and ally Trinamool Congress (TMC), but also disquiet in a section of the Congress. Following up on this, the Congress Core Group met here on...

-The Hindu   Trinamool jumps on Opposition bandwagon, while Akali Dal backs move Cabinet clearance for Foreign Direct Investment in multi-brand retail led to tumult and uproar in Parliament, with both Houses adjourning without transacting any business for the third successive day on Friday. Going by the Opposition's hostile reaction, there is a question mark over smooth conduct of proceedings when Parliament meets on Monday. Communist Party of India Parliamentary Party leader Gurudas Dasgupta has...