From Our Special Correspondent
NEW DELHI: The UPA Government on Thursday opened the floodgates to overseas investors, relaxing investment norms in multi-brand retail which opened the landlocked Northeast to Foreign Direct Investment (FDI).
The Cabinet headed by Prime Minister Dr Manmohan Singh permitted states to include cities with population of less than 1 million for allowing multi-brand retailing.
Announcing the decisions taken by the Cabinet on Thursday, Commerce and Industries Minister, Anand Sharma said the relaxation in multi-brand retail norms will give “more clarity and more space to investors”.
“This has been done keeping demand of the Northeastern and other small states which want multi-brand retail in their towns and cities despite having a population of less than 1 million,” Sharma said.