| inbluevt | Date: Friday, 2013/07/26, 11:15 PM | Message # 1 | DMCA |
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Yet another glitch in the Indian government’s attempt to attract foreign direct investment.Walmart, the world’s biggest retailer, has said it will not be able to use local suppliers for 30 per cent of its sourcing, one of the conditions on FDI in multi-brand retailing in India.
The US company has said it will only be able to use local businesses for 20 per cent of its procurement, according to the Press Trust of India.
When the government raised the cap on FDI into multi-brand retail to 51 per cent back in September, it was seen as an important liberalisation. But almost a year on, no foreign investor has taken a
majority stake in an Indian business. And the conditions on foreign investors – requirements on everything from local sourcing to investment in back-end infrastructure – are part of the reason why the reforms aren’t drawing in business.
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Message edited by inbluevt - Friday, 2013/07/26, 11:16 PM |
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