FDI in Indian Retail Sector

Available ONLINE www.vsrdjournals.com

VSRD-IJBMR, Vol. 2 (7), 2012, 327-337

RESEARCH ARTICLE
RESEARCH ARTICLE

Foreign Direct Investment : The Big Bang in
Indian Retail
1
Arun Kr. Singh* and 2P.K. Agarwal

ABSTRACT
The winds of globalization sweeping across has taken the Indian economic environment in its fold and the
proposals for further integration has gained momentum, The transformation has also changed the Indian
consumer from a state of conserving resources, he’s now ready to accept the shopping culture. The government
encouraged by the outcome of economic policy of 1991 in India, has proposed retail reforms mainly as 100%
FDI in the retail sector in India. It may benefit by bringing in investment into development of complete backend
infra structure like cold chain & supply chain enhancing efficiency from farm to fork, as well as eliminating the
exploitative system of middlemen which bleeds the farmers and squeezes the consumers. The paper scrutinizes
the relationship of Foreign Direct Investments with the Indian Retail Sector. However, the Indian government
must take decision to contain this revolution & safeguard the health of the Indian retail sector to stabilize
themselves against competition from the giant players of the global economy in the present state of slowing
growth, stubborn inflation & widening fiscal deficit in the country.

India’s retail industry is divided into organized and unorganized sectors. Post liberalization, organized retail has
grown exponentially and is a testament of the Indian middle class’s burgeoning purchasing power. As a
consequence, the opening up of the wholesale and single brand retail sector to foreign direct investment (“FDI”)
was inevitable. India is ranked as the third most attractive nation for retail investment among 30 emerging
markets with domestic companies like the Future Group, Tata’s Westside, Reliance Fresh, Raheja Group and
Bharti Retail competing for market share.

The current regulations on retail allow 100% FDI in wholesale cash-and-carry trading. In single-brand retailing,
100% FDI is permitted while it is prohibited in multi-brand retailing. The question arises whether opening up of
FDI in multi-brand retail will create problems or provide opportunities. There is no clear answer and ample
views have been expressed by that in favour and against FDI.
____________________________
1
Research Scholar, Department of Management, Mewar University, Chittorgarh, Rajasthan, INDIA. 2Director, Deewan
Institute of Management Studies, Meerut, Uttar Pradesh, INDIA. *Correspondence: aksr27@gmail.com

Arun Kr. Singh et al / VSRD International Journal of Business & Management Research Vol. 2 (7), 2012

This paper is an attempt to get an insight as to what are the trends in Indian retail industry, advantages &
disadvantage of 100% FDI in retail.

Keywords: Retail; Organized Retail; Unorganized Retail; FDI.

1. INTRODUCTION
For Indian retailing, things started to change slowly in the 1980s, when India first began opening its economy.
Textiles sector (which companies like Bombay Dyeing, Raymond's, S Kumar's and Grasim) was the first to see
the emergence of retail chains. Later on, Titan, maker of premium watches, successfully created an organized
retailing concept in India by establishing a series of elegant showrooms. For long, these remained the only
organized retailers, but the latter half of the 1990s saw a fresh wave of entrants in the retailing business. This
time around it was not the manufacturer looking for an alternative sales channel. These were pure retailers with
no serious plans of getting into manufacturing. These entrants were in various fields, like - FoodWorld,
Subhiksha and Nilgiris in food and FMCG; Planet M and Music World in music; Crossword and Fountainhead
in books.

Now India is in the midst of a retail boom. The sector witnessed significant transformation in the past decade
from small-unorganized family-owned retail formats to organized retailing. Indian business houses and
manufacturers are setting up retail formats while real estate companies and venture capitalist are investing in
retail infrastructure. Many international brands have entered the market. With the growth in organized retailing,
unorganized retailers are fast changing their business models. However, retailing is one of the few sectors where
foreign direct investment (FDI) is not allowed at present.

2. RESEARCH METHODOLOGY
The sheer potential of Retail sector and its contribution in Indian economy highlights the relevance of this paper.
The objectives of paper are :

 Advantages & Disadvantages of FDI in Retail.

 Impact of FDI on various stakeholders.

 Evaluate the effect of Organized Retail on the Unorganized Retail.

3. MATERIAL AND METHOD
The study is based on different literatures, Case studies and analysis of organized retail market.

3.1. Indian Retailing Trends
The retail industry in India is of late often being hailed as one of the sunrise sectors in the economy. AT
Kearney, the well-known international management consultancy, recently identified India as the second most
attractive retail destination globally from among thirty emergent markets. It has made India the cause of a good
deal of excitement and the cynosure of many foreign eyes. With a contribution of 14% to the national GDP and

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employing 7% of the total workforce (only agriculture employs more) in the country, the retail industry is
definitely one of the pillars of the Indian economy.

 Modern retail formats - The growth of western-style malls is changing the way urban consumers shop.
We're seeing many bigger box, value based formats setting up shop. The size of these stores is about 50,000
square feet, a departure from the smaller mom & pop-type store that dominates the local retail landscape.

 Shoppers' Stop - department store format.

 Westside - emulated the Marks & Spencer model of 100 per cent private label, very good value for money
merchandise for the entire family.

 Giant and Big Bazaar - hypermarket/cash & carry store.

 Food World and Nilgiris – supermarket format.

 Pantaloons and The Home Store - specialty retailing.

 Tanishq has very successfully pioneered a very high quality organized retail business in fine jewellery.

A new entrant in the retail environment is the 'discounter' format. It is also is known as cash and- carry or
hypermarket. These formats usually work on bulk buying and bulk selling. Shopping experience in terms of
ambience or the service is not the mainstay here.

3.2. FDI in Retail Industry
FDI in retail industry means that foreign companies in certain categories can sell products through their own
retail shop in the country. At present, foreign direct investment (FDI) in pure retailing is not permitted under
Indian law. Government of India has allowed FDI in retail of specific brand of products. Following this, foreign
companies in certain categories can sell products through their own retail shops in the country.

India’s retail industry is estimated to be worth approximately US$411.28 billion and is still growing, expected to
reach US$804.06 billion in 2015. As part of the economic liberalization process set in place by the Industrial
Policy of 1991, the Indian government has opened the retail sector to FDI slowly through a series of steps:

1995 : World Trade Organization’s General Agreement on Trade in Services, Which includes both wholesale
and retailing services, came into effect.

1997 : FDI in cash and carry (wholesale) with 100% rights allowed under the government approval route.

2006 : FDI in cash and carry (wholesale) brought under the automatic route. Up to 51 percent investment in
a single-brand retail outlet permitted.

2011 : 100% FDI in single brand retail permitted.

The Indian government removed the 51 percent cap on FDI into single-brand retail outlets in December 2011,
and opened the market fully to foreign investors by permitting 100 percent foreign investment in this area.

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Government has also made some, albeit limited, progress in allowing multi-brand retailing, which has so far
been prohibited in India. At present, this is restricted to 49 percent foreign equity participation. The specter of
large supermarket brands displacing traditional Indian mom-and-pop stores is a hot political issue in India, and
the progress and development of the newly liberalized single-brand retail industry will be watched with some
keen eyes as concerns further possible liberalization in the multi-brand sector.

In this Paper, Author discusses the policy developments for FDI in these two retail categories, with a focus on
the details of the multi-brand retail FDI discussion.

3.3. FDI in “Single-Brand” Retail
While the precise meaning of single-brand retail has not been clearly defined in any Indian government circular
or notification, single-brand retail generally refers to the selling of goods under a single brand name.

Up to 100 percent FDI is permissible in single-brand retail, subject to the Foreign Investment Promotion Board
(FIPB) sanctions and conditions mentioned in Press Note 3[8]. These conditions stipulate that:

Only single-brand products are sold (i.e. sale of multi-brand goods is not allowed, even if produced by the same
manufacturer).Products are sold under the same brand internationally

 Single-brand products include only those identified during manufacturing

 Any additional product categories to be sold under single-brand retail must first receive additional
government approval

FDI in single-brand retail implies that a retail store with foreign investment can only sell one brand. For
example, if Adidas were to obtain permission to retail its flagship brand in India, those retail outlets could only
sell products under the Adidas brand. For Adidas to sell products under the Reebok brand, which it owns,
separate government permission is required and (if permission is granted) Reebok products must then be sold in
separate retail outlets.

3.4. FDI in “Multi-Brand” Retail
While the government of India has also not clearly defined the term “multi-brand retail,” FDI in multi-brand
retail generally refers to selling multiple brands under one roof. Currently, this sector is limited to a maximum
of 49 percent foreign equity participation.

These are positive step and it will encourage international brands to set up shop in India. On the other hand, this
will also lead to competition among Indian players. It will be the consumers who stand to gain,'' This would not
change the market dynamics immediately as it will take some time for these plans to fructify. The growing
dominance of multinational companies in the country's $200 billion retail business, had warned that any move to
increase FDI in the retail sector would ruin the business of small and medium traders scattered over the country.

Organized retailers in India are opposing the entry of MNCs in retail trading because of their predatory pricing
strategy that wipes out competition, when the Government decides to allow foreign players to enter the retail

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space, it should first restrict them to lifestyle products segment before permitting them to spread their wings into
other areas like grocery marketing that has a direct impact on `kirana stores'.

FDI in retail trade has forced the wholesalers and food processors to improve, raised exports, and triggered
growth by outsourcing supplies domestically. The availability of standardized products has also boosted tourism
in these countries. FDI in retail sector has been a key driver of productivity growth in Brazil, Poland and
Thailand. This has resulted in lower prices to the consumer, more consumption and higher profit for the
producer.

4. FOREIGN DIRECT INVESTMENT - IMPACT AND ANALYSIS
Market liberalization, a growing middle-class, and increasingly assertive consumers are sowing the seeds for a
retail transformation that will bring more Indian and multinational players on the scene. The big Indian retail
players looking to expand their operations include Shopper's Stop, Pantaloon, Reliance, Lifestyle, Food World,
Vivek's, Nilgiris, Ebony, Crosswords, Globus, Barista, Café Coffee Day, Wills Lifestyle, Raymond, Titan, Bata
and Westside. Well-established business houses such as Wadia, Godrej, Tata, Hero, etc., are drawing up plans to
enter the fast-growing organized retail market in India. The international players currently in India include
McDonald's, Pizza Hut, Dominos, Levis, Lee, Nike, Adidas, TGIF, Benetton, Swarovski, Sony, Sharp, Kodak,
and the Medicine Shoppe. Global players are entering India indirectly, via the licensee/franchisee route, since
Foreign Direct Investment (FDI) is not allowed in the sector.

Despite all these developments, the organized retail business still comprises a small proportion of the total size
of the Rs 9,00,00-crore ($200 billion) retail sector. Retail business is growing at 5-6 per cent per annum. The
size of organized retailing was estimated around Rs 26,000 crore in 2004, about three per cent of the total.
However, it is now set to grow at 25-30 per cent per annum. In developed countries, organized retailing makes
for over 70 per cent of the total business.

Recently, the Government announced its intention to open up the retail sector to foreign investment. It is still,
however, debating whether to allow 26 per cent or 49 per cent FDI in the sector. Initially, the idea was to begin
with 26 per cent and then gradually liberalize it further. However, since China moved from 49 per cent to 100
per cent FDI in this sector last year, the Commerce Ministry and the Prime Minister's Office (PMO) appear to be
inclined to go for 49 per cent FDI at one go, despite opposition from Left parties.

Even as the government is debating the level FDI in of retail, a number of foreign players, including the world's
largest corporation, the $288- billion Wal-Mart Stores, Inc., have announced their intention to enter India in a
big way. With the impending opening up of the sector to overseas investment, they are now keen on forays into
the sector in partnership with multinational chains. According to industry analysts, as many as 20 big Indian
companies are working on plans to enter the sector in partnership with foreign investors.

Despite all these favourable developments, the Government appears to be still dithering in giving a green signal
to FDI in this sector in view of the opposition from Left parties. It is indeed unfortunate that this issue is
hanging fire for nearly four years now, even as the government has allowed foreign investment in a number of
sectors including banking, telecom and insurance.

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As of now, the Indian retail sector, largely due to its fragmented structure, suffers from limited access to capital,
labour and suitable real estate options. In contrast, China, which allowed 49 per cent FDI in the retail sector
since 1992, benefited immensely with foreign players bringing capital and new technologies and growing export
market for domestic products. At present, around 40 foreign retail players account for almost 20 per cent of the
organized retailing in that country. India is tipped as the second largest retail market after China, and the total
size of the Indian retail industry is expected to touch the $300 billion mark in the next five years from the
current $200 billion. The size of organized retailing is expected to touch $30 billion by 2010 or approximately
10 per cent of the total. Various retailers from across the word have been visiting India over the past few months
with a view to establishing their presence in a market that is expected to witness exiting developments.

On the contrary, the opening up of the sector to FDI will lead new economic opportunities and there will be
more employment generation. According to a policy paper prepared by the Department of Industrial Policy and
Promotion (DIPP), FDI in retail must result in backward linkages of production and manufacturing and spur
domestic retailing as well as exports.

The opening up of retail to FDI should be designed in a such as way that many sectors - including agriculture,
food processing, manufacturing, packaging and logistics -reap benefits. It is understood that the multinationals
that invest in retail business in India would also source Indian goods for their international outlets in a big way
and thus provide a boost to Indian exports. Indian retail chains would get integrated with global supply chains
since FDI will bring in technology, quality standards and marketing.

According to the World Bank, opening the retail sector to FDI would be beneficial for India in terms of price
and availability of products. Experience everywhere has shown that organized retailing tends to have a major
controlling effect on inflation because large organized retailers are able to buy directly from producers at most
competitive prices. The scale of operation and technology help organized retailers score over the unorganized
players, giving the consumers both cost and service advantages.

Government has opened up the real estate sector by allowing 100 per cent FDI in the construction projects. The
move is expected to attract foreign funds and new technology into the market. Second, Foreign Trade Policy
2005-06 has extended the benefit of the export promotion capital goods (EPCG) scheme to the real estate sector.

This is expected to tremendously boost the organized retail sector by enabling it to create better and modern
infrastructure. Also, the extension of concessional duty scheme for import of capital goods by retailers with
minimum area of 1,000 square metres and implementation of VAT will significantly help organized retailing.

5. ADVANTAGES OF FDI IN RETAIL

5.1. Opportunities Galore
While it is important not to lose sight of the local “Mom and Pop” shops, there is a distinct opportunity for FDI
in multi-brand retail. At the present moment, Indian companies are exporting different types of products to
numerous retailers across the globe. There is a large segment of the population which feels that there is a
difference in the quality of the products sold to foreign retailers and the same products sold in the Indian market.

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In view of the availability of higher disposable incomes for Indians, there is an increasing tendency to pay for
quality and ease and access to a “one-stop shop” which will have a wide range of different products.

If the market is opened, then the pricing could also change and the monopoly of certain domestic Indian
companies will be challenged. In the eventual analysis, the consumers will benefit in the form of potential lower
prices due to enhanced and, possibly, tough competition in the market.

5.2. Benefits for the Farmers
Presumably, with the onset of multi-brand retail, the food and packaging industry will also get an impetus.
Though India is the second largest producer of fruits and vegetables, it has a very limited integrated cold-chain
infrastructure. Lack of adequate storage facilities causes heavy losses to farmers, in terms of wastage in quality
and quantity of produce in general, and of fruits and vegetables in particular. With liberalization, there could be
a complete overhaul of the currently fragmented supply chain infrastructure. Extensive backward integration by
multinational retailers, coupled with their technical and operational expertise, can hopefully remedy such
structural flaws. Also, farmers can benefit with the “farm-to fork” ventures with retailers which helps (i) to cut
down intermediaries ; (ii) give better prices to farmers, and (iii) provide stability and economics of scale which
will benefit, in the ultimate analysis, both the farmers and consumers.

5.3. Improved Technology And Logistics
Improved technology in the sphere of processing, grading, handling and packaging of goods and further
technical developments in areas like electronic weighing, billing, barcode scanning etc. could be a direct
consequence of foreign companies opening retail shops in India,. Further, transportation facilities can get a
boost, in the form of increased number of refrigerated vans and precooling chambers which can help bring down
wastage of goods.

5.4. Impact on Real-Estate Development
Retail is closely dependant on real estate as any retailer will require substantial spaces for setting up business.
Real estate in India has gone through a revamp due to the demand of high-end retail malls and people’s
changing perception towards an enjoyable shopping experience. Thus real estate can get a further facelift in
India and receive more investment with the opening up of FDI in multi-brand retail.

6. DISADVANTAGES OF FDI IN RETAIL
Opponents of the FDI feel that liberalization would jeopardize the unorganized retail sector and would adversely
affect the small retailers, farmers and consumers and give rise to monopolies of large corporate houses which
can adversely affect the pricing and availability of goods. They also contend that the retail sector in India is one
of the major employment providers and permitting FDI in this sector can displace the unorganized retailers
leading to loss of livelihood.

1. The entry of large global retailers such as Wal-Mart would kill local shops and millions of jobs.

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2. The global retailers would collude and exercise monopolistic power to raise prices and monopolistic (big
buying) power to reduce the prices received by the suppliers.

Hence, both the consumers and the suppliers would lose, while the profit margins of such retail chains would go
up.

3. It would lead to lopsided growth in cities, causing discontent and social tension elsewhere.

However, these arguments can be overruled in the light of the ICRIER study conducted in India in 2008, which
showed that although unorganized retail suffered initially with the opening up of organized retail in their
vicinity, this effect significantly weakened over time. The rate of closure of unorganized retail shops in gross
terms was found to be 4.2 % per annum, which was much lower than the international rate of closure of small
businesses. Similarly, the rate of closure on account of competition from organized retail was found to still
lower, at 1.7 per cent per annum. This was achieved through competitive response from traditional retailers and
through improved business practices and technology up gradation.

However, the development of organized retail has the potential of generating employment for both the skilled
and unskilled sections of the population. The Government can protect small retailers by restricting FDI to be
permitted only for stores having floor size greater than, say, 2,000 square feet. Moreover, monopolies of large
corporate houses can also be controlled by the Government by enforcement of strict regulations and, where
needed, through the Competition Commission of India which is empowered to evaluate abuse of dominant
position.

The foreign direct investment (FDI) in the Indian retail sector should be allowed in a phased manner so that it
could serve the purpose of much-needed capital and bring boom in the sector, according to Confederation of
Indian Industry (CII) Chairman Kishore Biyani.

1. FDI should be gradually allowed first in relatively less sensitive sectors like garments, lifestyle
products, house ware and entertainment."

2. Alternative funding mechanisms and investment opportunities should be considered like FIIs and
venture capital in the primary market, besides FDI. Hence they should be legalized and encouraged in the
primary market.

3. Industry needs time for capital formation, which would take at least two-three years.

The gradual inflow of FDI should not be a hindrance for the growth of the retail sector.

Goals:

1. To serve the purpose of much needed capital and bring a boom in this sector.

2. To enhance the backend infrastructure.

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7. WHETHER FDI IN RETAIL SHOULD BE ALLOWED IN INDIA?
Three arguments are generally extended against allowing FDI in the retail sector. First, this will prevent the
growth of domestic organized retail industry. Second, it will result in closure of small retail stores, the so-called
mom-and-pop stores and third, that it will disrupt the social community and the given way of life. The first
argument is passes simply because with the entry of Reliance, Tatas and other large domestic players the
domestic retail industry has surely come of age. These corporate don’t need protection. Actually, if these infants
are protected any longer they have good chances of becoming delinquent adults. Soon enough, monopoly rents
will begin to accrue and bad habits will get entrenched and it will then be more difficult to open the sector.
Domestic players have the best locations anyway and a clear head start. The equity argument does not have solid
empirical basis. As the ICRIER study on the same subject has shown, liberalization of retail raises overall
economic welfare and does not result in loss of employment. Some restructuring will take place but local
markets will not close down. As the entry of Haldiram has not led to the demise of Nathus and Agarwal
mishthan bhandars. Both can coexist as they fulfill different needs and serve different clientele. Organized
retailing generates additionality of demand by reducing costs, lowering prices and also improves returns to
producers by eliminating unnecessary intermediaries. The third argument has greater substance. Malls could
lead to greater urban anonymity and a complete break down of the bazaar culture and the disappearance of the
‘down town’ space that has its own charm. But in France, Germany, the Nordic countries and also other parts of
Europe, experience has shown that local communities can thrive if they are empowered and involved in urban
planning. Organized retail does not necessarily result in the dreaded mid-west. So FDI in retail improves growth
prospects, does not harm equity and discourages monopoly rents and therefore should be allowed.

8. CURRENT REGULATORY FRAMEWORK
The regulatory regime for the existing homegrown retailers is quite exhaustive with as many as 40 licenses and
permissions required to be obtained by the retailer from diverse authorities, depending on the nature of activity.
For example, a multi-brand retailer selling food and perishable items has to have a prevention of food
adulteration license under the Prevention of Food Adulteration Act, a weights & measures license under
Weights & Measures Act for regulating the weights and measures and labels on the food products sold, along
with an agricultural produce marketing committee license under the Agricultural Produce Marketing Committee
Act for selling fruits and vegetables. If a retailer decides to launch a store in more than one state then the
number of licenses will multiply accordingly. Therefore, an entity establishing retail stores across India will
have to face enormous licensing obligations in each state of operation. This too acts as a deterrent.

As the government has opens up the sector to FDI, in addition to the regular operating licenses, chances are that
the foreign multi-brand retailers will have to seek investment approvals as well from the central regulator which,
at present, is the Foreign Investment Promotion Board. With the passage of time, the expectation would be that
the multitude licenses across different states would be reduced and (possibly) homogenized.

9. FUTURE SCOPE
The sentiment towards 100 percent FDI in retail sector is gathering pace. Currently, the UPA has a majority in
the house and it seems quite possible that they will be able to pass the bill, making FDI in multi-brand retailing,

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a reality. Moreover, with state governments like Punjab working with modern retailers in furthering
improvement of trade, there is a possibility that support will flow in from other state governments as well.
However, the opposition led by the BJP is not in favour of this move and has presented a report recently to the
Parliament recommending a complete ban on FDI in retail.

The proposed FDI norms will open up strategic investment opportunity for global retailers, who have been
waiting to invest in India. This may have a significant impact on the current arrangement of foreign players.
This policy will require investment from retailers in areas of supply chain, especially for perishable products,
thus helping farmers to get better income leading to an inclusive growth in the country. Given the large number
of SKU’s that retailers stock Small and Medium Enterprises (SME) sector is also set to gain from this move due
to preference given by retailers to private label brands. The move will also encourage smaller suppliers to take
their products to a national platform that they could not previously manage due to lack of an organised supply
chain of their own. This policy will also open up avenues for attracting, developing and retaining talent.
Contract manufacturers would also benefit from these policy changes. With the global economy still recovering,
investment in India is lucrative to a retailer attributable to strong consumerism, rising disposable income,
growing middle class population, favorable macro and micro economic indicators supplemented by a stable
government.

10. CONCLUSION
In the final analysis, for India, FDI in multi-brand retail should be seriously considered by the government and,
as with many other sensitive sectors (like defence); a gradual opening up could be made possible. Despite
country wide speculation on the plight of various Stakeholders, trading associations, politicians, etc. have given
various arguments for and against FDI in retailing. However, such arguments are largely based on perception
and there has not been serious academic research in this area.

India needs to take a lesson from China where organized and unorganized retail seem to co-exist and grow
together. Further, India’s local enterprises will potentially receive an up gradation with the import of advanced
technological and logistics management expertise from the foreign entities.

In our view, the government has an opportunity to utilize the liberalization for achieving certain of its own
targets:

 improve its infrastructure;

 access sophisticated technologies;

 generate employment for those keen to work in this sector

FDI would lead to a more comprehensive integration of India into the worldwide market and, as such, it is
imperative for the government to promote this sector for the overall economic development and social welfare
of the country. If done in the right manner, it can prove to be a boon and not a curse.

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11. REFERENCES
[1] Anonymous Retail Industry in India http://www.cci.In/pdf/surveys_reports /indias _retail_sector.pdf.
[2] Department of Commerce, Government of India, 23-Feb-2005, Press Release on ‘FDI in Organized Retail
to generate Employment, but should not displace ongoing Retail activities’, available at
http://commerce.nic.in/PressRelease/pressrelease_detail.asp? id=1673.
[3] Economic Survey (2007-08), Ministry of Finance, Government of India, New Delhi, 2008 available at
http://indiabudget.nic.in/es2007-08/ economy.html.
[4] ICRIER study, “Impact of Organized Retailing on the Unorganized Sector” May 2008
fromhttp://siadipp.nic.in/policy/icrier_report_27052008.pdf
[5] Joseph, Mathew and Soundararajan, Nirupama (2009), “Retail in India: A Critical Assessment”, Academic
Foundation, NewDelhi.5
[6] Kearney A.T., (2006) “Retail in India – Getting organized to drive growth”. DIPP. (2010), Discussion paper
on foreign direct investment (fdi) in multi-brand retail trading, Department of Industrial Policy and
Investment Promotion, New Delhi.
[7] Mohanty, J.P, Sharma Kamal, Guruswamy Mohan, Korah Thomas J. FDI in India's Retail Sector – More
Bad Than Good. Center for Policy Alternatives (CPAS), New Delhi.
[8] Mukherjee Arpita and Patel Nitisha (2005), “FDI in Retail Sector: India”, Academic Foundation, New
Delhi.
[9] Websites:
a. http://www.oecd.org
b. www.financialexpress.com
c. http://www.iie.com
d. www.legalindia.in/foreign-direct-investment-in-indian-retail-sector

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FDI in Indian Retail Sector

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