Govt remains committed to liberal economic reforms: Sharma

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SME Times News Bureau | 30 Apr, 2013
Reacting on Swedish apparel retailer Hennes & Mauritz's (H&M) application to open 50 individual stores in India, the Union Minister for Commerce & Industry and Textiles, Anand Sharma said that the Indian government is committed to liberal economic agenda.

"After the liberalization of FDI policy in single brand retail, there has been a considerable interest shown by all global retail majors. The government remains committed to liberal economic reforms agenda," said Sharma.

"We view foreign investments as a source of technology, finance and means of creating gainful employment in the country," he added.

Swedish fashion retailer H&M has applied for 100 percent single brand investment of EURO 100 million through wholly owned subsidiary of the brand owner, the ministry informed in statement on Monday.

H&M will establish 50 stores in India, it added.

After Swedish firm IKEA, seeking to enter the India market, H&M was looking for setting up wholly-owned single brand stores in India.

H&M is a multinational retail-clothing company, known for its fast-fashion clothing for men, women, teenagers and children. It exists in 43 countries and as of 2011 employed around 94,000 people, reports media.

It had 2,325 stores at end of 2011 and 2,629 stores at end of August 2012. It leads over third largest global clothing retailer, United States based GAP Inc.