-The Telegraph   The cabinet today unlocked the retail market for foreign direct investment, braving the Trinamul Congress’s objections but assuring Mamata Banerjee earlier in the day that state governments would have enough leeway to protect the interests of farmers. The most significant of today’s decisions is the clearance to 51 per cent foreign investment in multi-brand retail, which will allow the entry of giants that are already household names in a country...

It wasn't just a vocal opposition that was against the Cabinet's decision to allow 51% foreign direct investment (FDI) in multi-brand retail business. The cabinet itself was split down the middle, which had an animated — even heated — debate on the pros and cons of opening up a sector that was so far considered politically too sensitive for farmers, small traders and consumers. Finally it took the prime minister to...

-The Telegraph The BJP has slammed the Centre’s move to allow FDI in multi-brand retail, alleging this would destroy self-employment, create monopolies, facilitate foreign takeover of farming units and impair local manufacturing. Sources in the BJP, which has a following among small and medium traders who own the most of the mom-and-pop “kirana” shops, warned that this section would start an agitation as the Centre’s decision amounted to the “Wal-Martisation” of India. The...

-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...

The Reserve Bank of India on Friday expressed the hope that foreign direct investment in multi-brand retail would help in bringing down inflation. “...Certainly it (FDI in multi-brand retail) would help improve supply chain and we hope it should also contribute to reducing inflation,” Reserve Bank of India Governor D. Subbarao told reporters on the sidelines of a memorial lecture here. Dr. Subbarao said 51 per cent FDI in multi-brand retail would...