Retail Industry News
Retail industry feels left out in Budget
Saturday, 27, Feb 2010
The Indian retail sector on Friday said it feels left out by the Budget as its main demands ofeasing foreign direct investments and granting industry status to it have not been met by Finance Minister Pranab Mukherjee."We were expecting FDI rules to be relaxed in retail business. It would have benefited retailers as well as the ultimate consumers," Vishal Retail Chief Managing Director Ram Chandra Agarwal said.
Retailers have been requesting to allow FDI in multi-brand retail and to increase foreign investments in the single-brand format from the existing 51 per cent.Mukherjee only reiterated the statement of taking a firm view on opening up the sector, made by Prime Minister Manmohan Singh some weeks ago.Koutons Chairman D P S Kohli expressed disappointment over the sector not being given industry status and being overlooked again."Industry status continues to elude the retail sector.
