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...

What is our national aim? To my mind, our national aim must be to make India a highly prosperous country for its citizens, and for that it is necessary to have a high degree of industrialization.  Even setting up and running a single primary school requires a lot of money, e.g. for buying land, erecting the school building and providing for the recurrent expenditure for salaries of teachers, staff, etc. We...

-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...

-Reuters   India's growth story is still "credible" and the move to open up the economy to global supermarket chains will help growth and control inflation, RBI governor Duvvuri Subbarao said on Friday. "It's commendable that government has taken the initiative. Let's hope that it will improve the logistics chain and supply chain management in agriculture," Subbarao said in a speech in Chandigarh. Late Thursday, the government approved 51 percent foreign direct investment in...

This is a saga of how the Hindu outfit saw the promise in Anna and pursued him for its gains. How often do we meet strangers on a flight and realise that it could possibly be the beginning of a lasting friendship? This is how yoga teacher Ramdev and super cop Kiran Bedi met in mid 2010 when both of them were on the same flight and Ramdev spotted her. Although fate...