SME Times News Bureau | 17 Dec, 2014
The government is processing six proposals for bringing foreign direct investment (FDI) in the single-brand retail sector, parliament was told Tuesday.
"Six proposals for investment in single-brand retail trading are under process for approval," Union Minister of State for Food and Consumer Affairs Raosaheb Patil Danve told the Lok Sabha in a written reply to the Lok Sabha.
Replying to a question on how many FDI proposals in the retail sector were pending, Danve said the Department of Industrial Policy and Promotion was implementing the FDI policy and investments in single brand retail were a continuous process.
To another question on FDI in multi-brand retail trade, Danve said the government had not taken decision on the issue.
"No application for FDI in multi-brand retail trading is pending," he said.
FDI in single-brand retail was increased to 100 percent from 51 percent in early 2012.
According to official data, 18 proposals worth $173 million were approved between April 2010 and May 2013.
