New Delhi, Aug 1 (IANS): The government Thursday further liberalised its foreign direct investment (FDI) policy for multi-brand retail to lure international retailers like Walmart, Tesco and Carrefour into the country.
The decision was taken by the federal cabinet chaired by Prime Minister Manmohan Singh, sources said.
The government last year had opened the gates for multi-brand retail sector to foreign investors by allowing up to 51 percent FDI.
However, no foreign investment has taken place in the sector so far. Global retailers like Walmart, Tesco and Carrefour have been demanding further clarifications in the policy.