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February 2019
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News Headlines
Saudi Arabia increases India''s Haj quota to 2 lakh after Modi-Salman talks        SC collegium transfers high court judges        Security of 18 separatists, 155 political leaders withdrawn        Crown Prince orders release of 850 Indian prisoners from Saudi jails        Putin says Russia to take measures if US deploys missiles        Jadhav''s death sentence based on ''extracted confession'', should be annulled: India tells ICJ        Israel strikes on Gaza arson balloons launchers, no injuries reported        Taylor surpasses Fleming becomes highest ODI scorer for NZ        ICC keeping a close watch on India-Pakistan situation ahead of WC        Vivo unveils V15Pro with Industry-first 32 MP pop-up selfie camera        Tripura gets Rs 85 crore Mega Food Park        India, Saudi Arabia ink MoUs for cooperation in tourism, broadcasting        Bernie Sanders enters 2020 US presidential race : Reports        Sixteen states sue Trump over border wall emergency        Djokovic wins his fourth Laureus World Sportsman of the Year        Pakistan shooters not taking part in New Delhi World Cup        Pulwama attack masterminded by Jaish, ISI: corps commander        Cricketer-turned-politician Kirti Azad joins Congress, calls it ''ghar wapsi''        Salve exposes Pak military courts at ICJ, says judges don''t even need law degree        RBI pays Rs 28,000 cr interim dividend to govt ahead of elections        
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Business News
Govt should consider 100% FDI in multi-brand retail trade: CII report
 
New Delhi, Dec 11 (PTI) The government should consider permitting 100 per cent foreign direct investment (FDI) in multi-brand retail trade and further improve ease of doing business for the sector to promote growth in the segment, industry body CII said in a report Tuesday.

These suggestions are part of a national retail policy released by CII. It was jointly prepared by the industry chamber and AT Kearney.

The report said that to overcome the barriers and enable a smooth growth and harmonious coexistence of traditional and modern retail, the government needs to adopt a single cohesive national retail policy, which adequately addresses all the concern areas.

The policy has suggested several steps, including strengthening labour laws by regularising policies around part-time labour to ensure greater participation of women in the workforce; and review of food safety policies to update archaic laws governing stocking limits, weights and measures, labeling, and taxes on expired food items.

It also asked for decreasing real estate constraints for retail expansion by creating dedicated retail special economic zones as well as simplify regulations and real estate approvals for kiranas to expand their stores.

The government should encourage modernisation of traditional retail by subsidising these retailers to adopt technology, the report said.

Improved access to capital will help retail business especially the traditional retailers, it added.

"The government should also consider 100 per cent FDI in multi-brand retail trade," the report said.

It said that with a simplified, cohesive policy and a focused effort on modernising traditional retail sector, government can create multiple wins such as higher growth of the sector, larger traditional retail stores under regulatory compliance, and improved back-end efficiency with a lower overall cost to serve.

Although, the current foreign direct investment policy permits overseas players to hold 51 per cent stake in an Indian retail company, the BJP in its election manifesto had opposed overseas investment in the retail segment.

So far, only one foreign player, Tesco, had received approval for opening stores under the multi-brand retail policy. The previous UPA government had cleared the proposal.


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INTERNATIONAL NEWS
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NATIONAL NEWS
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