About turn on supermarket legislation

Following protests of small traders and the political opposition, the Indian government suspended its reforms allowing foreign supermarkets. (See our news: 28.11 and 2.12)

Announced a few days ago, the reform that would open the Indian market for international retailers has been suspended. The project allowed foreign direct investment to 51% in multi-brand retail, a revolution for the retail sector estimated at 470 billion USD.

Small traders, trade unions and the opposition all disagreed with a meeting of all parties needed to break the impasse in Parliament. The Finance Minister said that reform is suspended until a consensus is developed through consultations.

source : afp