adminover three years after the cabinet approved the long-awaited reforms.
The pledge by Commerce Minister Anand Sharma came after heated opposition protests stopped the government announcing details in parliament about its move to relax foreign ownership rules for retailers such as Wal-Mart.
The changes would push India further towards a modern consumer society but they are contested by opposition lawmakers who fear large supermarkets will kill small family-run stores where most Indians now shop.
The reforms will “give a fillip to job creation”, generating up to 10 million jobs over a three-year period, in such areas as packaging, canning and transportation, Sharma told a news conference. – AFP.
The government plan will open up the sector, worth an estimated US$470 billion in annual sales, to allow Wal-Mart, Tesco and other global firms to hold a 51 percent stake in multi-brand retailers. – AFP.
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