India may open segments of retail sector to foreign investment
New Delhi (dpa) - India is considering opening some segments of its retail sector to foreign investment, news reports said Wednesday.
The Commerce Ministry has begun consultations regarding opening segments such as electronics, stationery, sporting goods and building equipment to foreign direct investment (FDI), the Times of India newspaper reported.
India has been reluctant to open its retail market - estimated to be over 200 billion dollars - to foreign players, out of fears it could adversely affect more than 12 million small shopkeepers.
Commerce Minister Kamal Nath said the government was taking another look at allowing FDI in sectors where neighborhood stores do not have a major presence.
The matter may come up before the federal cabinet as early as January, the Times of India reported citing unnamed sources.
Currently, India allows FDI of up to 51 per cent only in single-brand retail with prior government approval.
International management consultant AT Kearney recently estimated India's retail market would grow at a compounded 30 per cent over the next five years. // © 2006 DPA
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