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brand retail to be notified soon
The Central Government on Friday indicated that it would soon notify the 100 per cent foreign direct investment (FDI) in singlebrand retail cleared by the Union Cabinet on November 24, 2011,[url=http://www.xantrex.cc]louis vuitton handbags[/url], paving the way for global chains such as Adidas, Nike, [url=http://www.xantrex.cc]Louis Vuitton[/url], Hermes and Gucci to have full ownership of their India operations.
Talking to reporters at a function organised by the Cement Manufacturers' Association here, Department of Industrial Policy and Promotion (DIPP) Secretary P. K. Chaudhary, in reply to a question on when the single brand FDI would be notified, said it would be done soon.
Most of the big names have already set up their operations in the country in joint venture with Indian partners.
FDI in retail is urgently needed when investment is declining, rupee is depreciating, inflation is sky high GDP growth is slowing. FDI in retail will benefit India in many ways: 1)introduce modern logistics such as efficient supply chain cold storage that will cut down the estimated 40% farm produce wastage helping to tame inflation putting more money in farmer's pocket, 2)reduce middlemen who pocket most of the profit today thus letting farmers get better price reduce cost for the consumers, 3)create jobs in retail without requiring high education level such as in IT, 4)help suppliers farmers be more efficient as foreign retailers work with their vendors to improve quality yield, 5)better quality products since organized foreign retailers have to observe quality control for fear of bad publicity, 6)huge tax revenue for the govt as organized retail will collect sales tax, 7)increase exports as foreign retailers source from their Indian suppliers for their nonIndian stores..