In a landmark decision on November 24, India open its $450 billion retail market to global supermarket giants,approving its biggest reform in years that may boost sorely needed investment in Asia's third-largest economy.
The cabinet allowed global chains like Wal-Mart, Carrefour and 7-Eleven to bring up to 51 per cent foreign equity to open multi-brand retail stores despite opposition by some allies in the ruling coalition. It also allowed 100-per cent equity in single brand retailing.
The government feels the move will cut intermediaries between farmers and retailers and will help them get more money for their produce. It also hopes the move will help bring prices at retail level down and calm inflation.
How long will we have to wait for the results to show?