New Delhi: The Union Cabinet is likely to review foreign direct investment (FDI) in retail policy on Thursday, government sources have told CNBC-TV18. The agenda also includes the review of multi-brand retail FDI norms.
No global retailer has moved so far to file applications with the Foreign Investment Promotion Board (FIPB) which vets FDI proposals. Walmart, the world's largest retailer, had indicated in September 2012 that the company would apply soon, but hasn't done so.
Seeking to promote India as an investment destination, the Finance Ministry in June 2013 proposed sweeping changes in the FDI regime, favouring higher sectoral caps in multi-brand retail too.
The FDI inflows in 2012-13 aggregated $22.42 billion, a decline from $36.50 billion a year before.
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