<p>“We in the Planning Commission in principle are open to the idea of entry of FDI in multi-brand retail,” the Planning Commission Deputy Chairman Montek Singh Ahluwalia said at an interactive session at the Economic Editors Conference here.<br /><br />“If we are open to modern retail formats, then why should we not allow FDI in multi-brand retail,” he said. India currently does not allow any FDI in multi-brand retail although it permits foreign direct investment up to 51 per cent in single-brand retail. <br /><br />However, the Centre has also relaxed FDI norms thereby lifting restriction that required retailers to source products from FDI-backed group wholesale firms only for internal use.</p>
<p>“We in the Planning Commission in principle are open to the idea of entry of FDI in multi-brand retail,” the Planning Commission Deputy Chairman Montek Singh Ahluwalia said at an interactive session at the Economic Editors Conference here.<br /><br />“If we are open to modern retail formats, then why should we not allow FDI in multi-brand retail,” he said. India currently does not allow any FDI in multi-brand retail although it permits foreign direct investment up to 51 per cent in single-brand retail. <br /><br />However, the Centre has also relaxed FDI norms thereby lifting restriction that required retailers to source products from FDI-backed group wholesale firms only for internal use.</p>
