Date:10/01/2007 URL: http://www.thehindu.com/2007/01/10/stories/2007011004061700.htm

Business

FDI in retail to be expanded

Special Correspondent

NEW DELHI: Commerce and Industry Minister Kamal Nath said here on Tuesda that the Government would soon allow foreign direct investment (FDI) in retailing in sectors that do not displace existing jobs such as electronics and sports goods. "We are looking at allowing FDI in sectors within retail that lead to incremental economic activity and does not displace neighbourhood stores. We are working on it and will announce it soon,'' he said.

Mr. Kamal Nath, who was releasing the second edition of the India Retail Report here, said allowing FDI in areas like retail of electronics and sports goods would not displace traditional retailers. The Government was trying to frame a policy that was correct and attractive for investors. He launched a portal, www.indiaretailing.com.