Govt. Considering Changes In Retail FDI Policy

After repeated requests from various industry sources, the government is finally planning to bring in changes in the Foreign Direct Investment (FDI) policy in the retailing sector.

Addressing presspersons at the launch of the India Retail Report 2007, the Union Minister of Commerce and Industry Kamal Nath, said that his ministry was discussions with the Prime Minister on various aspects of FDI in the sector that would include single brand as well as specialized goods retailing like sports goods, electronics and stationery.

The retail market size in India is estimated to be about $300, billion which is expected to grow to $427 billion by 2010. Organized retail currently accounts for only 2-3% of the retail market in India.