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?
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