Six proposals for foreign direct investment (FDI) in the single brand retail sector are under the process for approval, government said today.
In January 2012, India raised the FDI cap in single-brand retail to 100 per cent from 51 per cent. Around 18 proposals worth USD 173 million were approved between April 2010 and May 2013, as per the government data.
“At present, six proposals for investment in single-brand retail trading are under process for government approval,” Minister of State for Food and Consumer Affairs Raosaheb Patil Danve said in a written reply to the Lok Sabha.
The Department of Industrial Policy and Promotion is implementing the FDI policy and the receipt of investment in single brand retail is a continuous process, he said.
He was replying to a question on whether FDI proposals in single-brand retail are pending with the government.
To a separate question on FDI in multi-brand retail trade, the minister said: “The government has not taken any decision on FDI in multi-brand retail. At present, no application for investment in multi-brand retail trading is pending.”
As per the current policy, 51 per cent FDI is permitted in multi-brand retail trading. When the United Progressive Alliance (UPA) -led government announced the policy, Bharatiya Janata Party (BJP) had strongly opposed it.
There have been speculations however that the government would not roll back the policy and leave it to the states to implement it.
Till now, British retail major Tesco’s plan has been approved by the previous government to enter the sector.