INDIA: Delhi government blocks FDI in multi-brand retail
The Delhi government is understood to have withdrawn approval to foreign direct investment in multi-brand retail, saying it may hinder foreign investments flowing into the country.
According to the Economic Times, the Aam Aadmi Party-headed government has written to the Department of Industrial Policy and Promotion (DIPP) seeking to withdraw its permission to allow FDI in multi-brand retail in the state.
The news comes just 15 months after the policy change and one month since the state received its first investment proposal.
The measure allowing foreign retailers to own 51% of multi-brand retail outlets was brought in in 2012. The Indian government then eased restrictions on foreign investment into the multi-brand retail sector in August last year - nearly a year after initial reforms were introduced.
Conditions included the power for individual states to block the opening of multi-brand outlets.
- Why China 5-year plan won't change garment-making
- ‘Fixing Fashion’ one stitch at a time
- Navigating a turbulent sourcing landscape
- Jordan garment sector strong amid regional unrest
- Supply chains under pressure as Black Friday looms
- US Q3 in brief: Burlington Stores, Guess, Chico's
- Global clothing and footwear trade to drop by 1.5%
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- German sustainable textile scheme heads to Vietnam
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Trade and Trade Policy: The World’s Leading Clothing Exporters and Key Markets 2015