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Friday , September 14 , 2012
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Cabinet clears 51% FDI in multi-brand retail. Again. States to decide on stores

New Delhi, Sep 14 (PTI): The Union Cabinet on Friday decided to operationalise 51 per cent foreign direct investment (FDI) in multi-brand retail but left it to the state governments to allow setting up of such stores.

The Cabinet, headed by Prime Minister Manmohan Singh, cleared the decision at a meeting on Friday evening, according to a Union minister who asked not to be identified.

For single-brand retail, the Cabinet decided that any firm seeking waiver of the mandatory 30 per cent local sourcing norms would have to set up a manufacturing facility in the country, the minister added.

The government had approved 51 per cent FDI in multi-brand retail in November last year, but had to put on hold the operationalisation of the decision following strong political opposition, including from the Trinamool Congress, a key constituent of the ruling United Progressive Alliance.

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