This remark coincides with India celebrating 10 years of its signature scheme: Make in India.
It’s a different matter that FDI in multi-brand retail is already allowed, but has remained only on paper the last 10 years. The Congress-led United Progressive Alliance government announced a multi-brand retail policy in 2012, allowing up to 51 per cent FDI. However, while international retail companies were still strategising their India entry, the Bharatiya Janata Party-led National Democratic Alliance government came to power in 2014, altering the retail landscape for years to come. Since then, the multi-brand retail policy has been kept in abeyance.
This government’s opposition to FDI in multi-brand retail is no secret, nor is the reason behind it. But, are the mom-and-pop stores and local traders, who are considered a critical vote bank for the BJP, a happy lot without FDI in multi-brand being activated? Or, have the neighbourhood corner stores actually gained from the government’s stand on FDI in multi-brand retail?
This story is from the October 03, 2024 edition of Business Standard.
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This story is from the October 03, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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