Impact of FDI on retail sector in India

Impact of FDI on Retail Sector in
India

Karan Tyagi 11113048
Kaustubh Kulkarni 11113052

Impact of FDI on Retail Sector in India

What is FDI?
An Introduction
Foreign direct investment (FDI) is investment directly
into production in a country by a company located in
another country, either by buying a company in the
target country or by expanding operations of an
existing business in that country. It is cross border
investment, where foreign assets are invested into
the organizations of the domestic market excluding
the investment in stock.


What is FDI?

FDI refers to the net inflows of investment (inflow
minus outflow) to acquire a lasting management
interest (10 percent or more of voting stock) in an
enterprise operating in an economy other than that
of the investor. It usually involves participation in
management, joint-venture, transfer of
technology and expertise.


What is FDI?
It brings private funds from overseas into products or
services. The domestic company in which foreign
currency is invested is usually being controlled by
the investing foreign company.
Foreign direct investment (FDI) plays an
extraordinary and growing role in global business. It
can provide a firm with new markets and marketing
channels, cheaper production facilities, access to
new technology, products, skills and financing.


What is FDI?
Why is FDI important for any consideration of going global?

The simple answer is that making a direct foreign investment allows
companies to accomplish several tasks:

 Avoiding foreign government pressure for local production.
 Circumventing trade barriers, hidden and otherwise.
 Making the move from domestic export sales to a locally-based national
sales office.
 Capability to increase total production capacity.
 Opportunities for co-production, joint ventures with local partners, joint
marketing arrangements, licensing, etc;


What is FDI?
How is FDI beneficial to the host nation…

For a host country or the foreign firm which receives
the investment, it can provide a source of new
technologies, capital, processes, products,
organizational technologies and management skills,
and as such can provide a strong impetus to
economic development.


Retail Industry
An Introduction
The Retail Industry is the sector of economy which is
consisted of individuals, stores, commercial
complexes, agencies, companies, and
organizations, etc., involved in the business of
selling or merchandizing diverse finished products or
goods to the end-user consumers directly and
indirectly. Goods and products of the retail industry
or sector are the finished final objects/products of all
sectors of commerce and economy of a country.


Retail Industry
Retail Sector in India:

The Retail sector of India is vast, and has huge
potential for development, as the majority of its
constituents are un-organized. The retail sector of
India contributes about 15% to the national
GDP, and employs a massive workforce of it, after
the agriculture sector.


Retail Industry

The retail sector of India handles about $250 billion
every year, and is expected by veteran economists
to reach to $660 billion by the year 2015. The
business in the organized retail sector of India is
expected to grow at the rate of 15-20% every
year, and can reach the level of $100 billion by the
year 2015.


Retail Industry


Division of Retail Industry – Organised and
Unorganised Retailing

The retail industry is mainly divided into:-

Organised Retailing Unorganised Retailing
 Organised retailing refers to trading  Unorganised retailing, on the other
activities undertaken by licensed hand, refers to the traditional
retailers, that is, those who are formats of low-cost retailing, for
registered for sales tax, income example, the
tax, etc. These include the local kirana shops, owner manned
corporate-backed hypermarkets general
and retail chains, and also the stores, paan/beedi shops, convenie
privately owned large retail nce stores, hand cart and
businesses. pavement vendors, etc.


Retail Industry
The Indian retail sector is highly fragmented with 97
per cent of its business being run by the
unorganized retailers. The organized retail however
is at a very nascent stage. The sector is the largest
source of employment after agriculture, and has
deep penetration into rural India generating more
than 10 per cent of India‟s GDP.


Major Retailers in India
Pantaloon:

Pantaloon is one of the biggest retailers in India with
more than 450 stores across the country.
Headquartered in Mumbai, it has more than 5 million
sq. ft retail space located across the country. It's
growing at an enviable pace and is expected to
reach 30 million sq. ft by the year 2010. In
2001, Pantaloon launched country's first
hypermarket „Big Bazaar‟.


Pantaloon:
It has the following retail segments:
 Food & Grocery: Big Bazaar, Food Bazaar
 Home Solutions: Hometown, Furniture Bazaar, Collection-i
 Consumer Electronics: e-zone
 Shoes: Shoe Factory
 Books, Music & Gifts: Depot
 Health & Beauty Care: Star, Sitara
 E-tailing: Futurebazaar.com
 Entertainment: Bowling Co.


Tata Group:

Tata group is another major player in Indian retail
industry with its subsidiary Trent, which operates
Westside and Star India Bazaar. Established in
1998, it also acquired the largest book and music
retailer in India „Landmark‟ in 2005. Trent owns over
4 lakh sq. ft retail space across the country.


RPG Group:

RPG Group is one of the earlier entrants in the
Indian retail market, when it came into food &
grocery retailing in 1996 with its retail Foodworld
stores. Later it also opened the pharmacy and
beauty care outlets „Health & Glow‟.


Reliance:

Reliance is one of the biggest players in Indian retail
industry. More than 300 Reliance Fresh stores and
Reliance Mart are quite popular in the Indian retail
market. It's expecting its sales to reach ` 90,000
crores by 2010.


AV Birla Group:

AV Birla Group has a strong presence in Indian
apparel retailing. The brands like Louis
Phillipe, Allen Solly, Van Heusen, Peter England are
quite popular. It's also investing in other segments of
retail. It will invest ` 8000-9000 crores by 2010.


Retail formats in India

Mom-and-pop stores (Kirana store):

They are family owned
business catering to small
sections; they are
individually handled retail
outlets and have a personal
touch.



Departmental stores:

These are general retail
merchandisers offering
quality products and
services.



Shopping malls:

The biggest form of retail
in India, malls offers
customers a mix of all
types of products and
services including
entertainment and food
under a single roof.



E-traders:

Are retailers providing
online buying and selling
of products and
services.



Discount stores:

These are factory outlets
that give discount on the
MRP.



Vending:

It is a relatively new
entry, in the retail sector.
Here beverages, snacks
and other small items
can be bought via
vending machine.



Category killers:

Small specialty stores that
offer a variety of categories.
They are known as category
killers as they focus on
specific categories, such as
electronics and sporting
goods. E.g. Selection Centre
Sports, Strand Book Store



Specialty stores:

These are retail chains
dealing in specific categories
and provide deep
assortment. Mumbai's
Crossword Book Store and
RPG's Music World are a
couple of examples.


Differences in single brand retail and multi brand
retail:

Single Brand Retail:
Nike Company opens outlets in
Ahmadabad, Bangalore, Delhi and Mumbai selling nothing
but Nike Shoes, Nike wrist-watches and Nike t-shirts only.
 This is single brand retail.
 FDI in Single-Brand Retailing was permitted in 2006, to the
extent of 51%.
 These were mostly outlets for sportswear, luxury
goods, apparel, fashion clothing, jewellery, hand bags, life-
style products.


retail:

Single Brand Retail:

But neither the Political parties nor Local Kiranawala raised
any voice against this, why?
Because these are „high-end‟ luxury items for brand
conscious upper middle class and rich class people. It
doesn‟t hurt population at large. It was not like people would
stop purchasing from local garment store to get Nike or
Adidas.


retail:

Multi Brand Retail:

 Big Bazaar opens mall in above cities: selling t-shirts of
multiple-brands such as Reebok, Nike, Adidas, Allen
Solley, Van Huesen, Peter England etc.
+and+ they also sell unbranded t-shirts (you know those buy
one get three t-shirts free from unknown companies.)
 So this is multi-brand retail: when an outlet sells a product
(tshirt, tie, shoes anything) of more than one brand.


FDI in Retailing in India:
 Until 2011, Indian central government denied
Foreign Direct Investment (FDI) in multi-brand
retail, forbidding foreign groups from any ownership
in supermarkets, convenience stores or any retail
outlets.
Even single-brand retail was limited to 51%
ownership and a bureaucratic process.
In November 2011, India's central government
announced retail reforms for both multi-brand stores
and single-brand stores.


These market reforms paved the way for retail
innovation and competition with multi-brand retailers
such as Wal-Mart, Carrefour and Tesco, as well
single brand majors such as IKEA, Nike, and Apple.
Even single-brand retail was limited to 51%
ownership and a bureaucratic process.
The statement flickered intense activism, both in
opposition and in support of the reforms.


In December 2011, under pressure from the
opposition, Indian government placed the retail
reforms on hold till it reached a consensus.The
statement flickered intense reactions, both in
opposition and in support of the reforms.
 In January 2012, India approved reforms for single-
brand stores welcoming anyone in the world to
innovate in Indian retail market with 100%
ownership, but imposed the requirement that the
single brand retailer source 30% of its goods from
India.

Recently, a couple of weeks ago, on 14 Sepetember
2012, the Cabinet approved FDI upto 51% in multi-
brand retail, along with a slew of economic
reforms, subject to many riders. This move has led
to the political situation heating upto a boiling
point, with TMC having withdrawn support from the
government.


Major Players in the International Market:

Wal-Mart:
Wal-mart is an American multinational retailer
corporation that runs chains of large discount
department stores and warehouse stores. The
company is the world's third largest public
corporation, according to the Fortune Global 500 list
in 2012. It is also the biggest private employer in the
world with over two million employees, and is the
largest retailer in the world.



Wal-Mart in India:
Bharti Wal-Mart Private Limited is a joint venture between
Bharti Enterprises, one of India's leading business groups
with interests in telecom, agri-business, insurance and
retail, and Wal-Mart, the world‟s leading retailer, renowned for
its efficiency and expertise in logistics, supply chain
management and sourcing. The joint venture is establishing
wholesale cash-and carries stores and back-end supply
chain management operations in line with Government of
India guidelines. Under the agreement, Bharti and Wal-Mart
hold 50:50 stakes in Bharti Wal-Mart Private Limited.



Carrefour:
It is an international hypermarket chain
headquartered in Boulogne Billancourt, France, in
Greater Paris. It is one of the largest hypermarket
chains in the world (with 1,395 hypermarkets at the
end of 2009, the second largest retail group in the
world in terms of revenue and third largest in profit
after Wal-Mart and Tesco).



Carrefour in India:
The Carrefour Group announces the opening of its first cash
& carry store in India in New Delhi under the name "Carrefour
Wholesale Cash & Carry.” With a sales area of 5200 m2, this
store located east of New Delhi in the Shahadra
neighbourhood will offer more than 10.000 SKUs in food and
non-food to professional businesses, institutions, restaurants
and local retailers. This opening is in line with the group's
strategy to be present in major emerging markets that offer
significant expansion and medium- and long-term growth
opportunities.



Tesco:
It is a British multinational grocery and general
merchandise retailer headquartered in
Cheshunt, United Kingdom. It is the third-largest
retailer in the world measured by revenues (after
Wal-Mart and Carrefour) and the second-largest
measured by profits (after Wal-Mart). It has stores in
14 countries across Asia, Europe and North America
and is the grocery market leader in the
UK, Malaysia, the Republic of Ireland and Thailand.



Tesco in India:
Tesco has had a limited presence in India with a
service centre in Bangalore, and outsourcing. In
2008 Tesco announced their intention to invest an
initial £60m ($115m) to open a wholesale cash-and-
carry business based in Mumbai with the assistance
of the Tata Group.



IKEA:
IKEA is a privately held, international home products
company that designs and sells ready to- assemble
furniture such as beds, chairs, desks, appliances
and home accessories. The company is the world's
largest furniture retailer.



IKEA in India:
Swedish furniture home accessories IKEA is
planning to enter India with a Euros 1.5 billion
investment in a single-brand retail venture. In the
first phase it plans to set up 25 stores with an
investment of Euros 600 million (around Rs 4,200
crores) in opening 25 stores. The company has
already sought government permission to set up a
100% Indian venture and has also promised to
increase its sourcing from the country.



IKEA:


Government Policies:
Background:
India has liberalized its retail industry to permit
foreign investment, with regulatory issues and legal
structures pertinent to establish operations in this
new dynamic market.
Foreign Investment in India is governed by the FDI
policy announced by the Government of India and
the provision of the Foreign Exchange Management
Act (FEMA) 1999.


Background:
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.


Background:
 1995 – World Trade Organization‟s general agreement on
trade in services, which include 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% investment in a single- brand retail outlet
permitted


Background:
 2011 – 100% FDI in single –brand retail permitted
 2012, Sep – 51% FDI in multi- brand retail permitted


Background:
The Indian government removed the 51% cap on
FDI into single-brand retail outlets in December
2011, and opened the market fully to foreign
investors by permitting 100% foreign investment in
this area.
It also made drastic progress in allowing multi-brand
retailing, which had so far had been prohibited in
India.


Background:
 After months of policy paralysis, Manmohan Singh‟s
government roared back to life on Friday, 14th of September
by unleashing a blitz of reforms. It also made drastic progress
in allowing multi-brand retailing, which had so far had been
prohibited in India.
 The existence of large supermarket brands displacing
traditional Indian mom-and-pop stores is a hot political issue
in India, and the current move to allow 51% FDI in multi
brand retail industry will remain a burning issue for some time
yet to come.


Political Developments:
 The Government declared its intention to allow FDI in multi
brand retail upto 51% in November 2011.
 This move led to large scale protests from political parties in
the opposition. The UPA and the NDA were divided on the
issue, with differences of opinion about the benefits and
disadvantages of FDI in multi brand retail to different sectors
of the Indian economy.
 The BJP threatened to file an adjournment motion in
Parliament if the bill was passed without political consensus.


 BJP alleged the decision to allow 51 per cent FDI in multi-
brand retail was taken under pressure from the US, UK and
France and challenged the government to face the
adjournment motion if it was confident of majority support.
 The TMC, in spite of being a part of the UPA, vehemently
opposed the move. There were a variety of opinions from the
myriad political parties in the melting pot of India‟s diverse
political spectrum.
 After months of policy paralysis, Manmohan Singh‟s
government roared back to life on Friday, 14th September, by
unleashing a blitz of reforms.


 In less than 24 hours, the government announced more
measures to liberalize the economy than in the past eight
years.
 The government made a decision to allow foreign direct
investment from abroad of up to 51 percent in multi-brand
supermarkets, up to 49 percent in aviation, up to 71 percent
in broadcasting and up to 49 percent in parts of the power
industry.
 Singh has cleverly sidestepped opposition parties and
waspish allies this time by leaving it to individual states to
decide whether to allow the supermarkets on their patch.


 The government appears to be gambling that its political
fortunes in the 2014 national elections are best served by being
bold. India‟s benchmark BSE index rose 2.46 percent to
18,464.27 points on Friday, its highest close since 26
July, 2011.
 The Cabinet‟s decision to approve FDI in multi brand retail has
led to a total disruption of Parliament, with the Opposition
forcing constant adjournments over the issue.
 However, the TMC has been a constant thorn in UPA‟s side and
it has withdrawn support to the Government and the six Cabinet
Ministers of the TMC have submitted their resignations to the
Prime Minister.


 For now though, the Government is safe because the SP and
the BSP have pledged outside support to the UPA, in spite of
their opposition to the Government‟s recent moves.
 The BJP has also made its stand clear, declaring that it does
not intend to file a no-confidence motion.


FDI proposal in its current form:
 The Cabinet has approved the proposal of the Department of
Industrial Policy & Promotion for permitting FDI in multi-brand
retail trading, subject to specified conditions.
 The proposal had earlier been approved by the Cabinet in its
meeting on 24.11.2012. However, implementation of the
proposal had been deferred, for evolving a broader consensus
on the subject.
 The Chief Ministers of Delhi, Assam, Maharashtra, Andhra
Pradesh, Rajasthan, Uttarakhand, Haryana and Governments of
the State of Manipur and the Union Territory of Daman & Diu
and Dadra and Nagar Haveli, have expressed support for the
policy in writing.


 The Chief Minister of Jammu & Kashmir, through his press
statements, has publicly endorsed the policy and asked for its
implementation.
 The State Governments of Bihar, Karnataka, Kerala, Madhya
Pradesh, Tripura and Odisha have expressed reservations.
 During the consultations with the stakeholders, views for and
against FDI in multi-brand retail trading were expressed.
 On balance, however, the discussions generally indicated
support for the policy, subject to the introduction of adequate
safeguards.



Accordingly, the following proposals have been
approved:
(i) Retail sales outlets may be set up in those States
which have agreed or agree in future to allow FDI in
MBRT under this policy. The establishment of the
retail sales outlets will be in compliance of applicable
State laws/ regulations, such as the Shops and
Establishments Act etc.



(ii) Retail sales outlets may be set up only in cities
with a population of more than 10 lakh as per 2011
Census. The outlets may only be setup in areas
which have been approved by the Municipal
Corporations of the concerned cities, subject to
various conditions. On the other hand, States/ Union
Terrritories, which do not have any city with a
population exceeding 10 lakhs, but are desirous of
implementing the policy, would have the flexibility to
do so.


 (iii) A three year timeframe has been fixed for setting up the
back-end infrastructure, which includes capital expenditure on
all activities, excluding that on front-end units; for
instance, back-end infrastructure will include investment made
towards processing, manufacturing, distribution, design
improvement, quality
control, packaging, logistics, storage, ware-house, agriculture
market produce infrastructure etc. Expenditure on land cost and
rentals, if any, will not be counted for purposes of backend
infrastructure. This condition will bind the foreign investors to
invest in critical back-end infrastructure, which is a felt need
across the country. It would also make the foreign investors
accountable for proper implementation of the condition.


(iv) A high-level group under the Minister of
Consumer Affairs may be constituted to examine
various issues concerning internal trade and make
recommendations for internal trade reforms.


Impact of FDI : Different points of view
Government Argument
 Huge investments in the retail sector will see
gainful employment opportunities in agro-
processing, sorting, marketing, logistics
management and front-end retail.


Government Argument
At least 10 million jobs will be created in the
next three years in the retail sector.


Government Argument
FDI in retail will help farmers secure
remunerative prices by eliminating exploitative
middlemen.


Government Argument
Foreign retail majors will ensure effective
supply-chain efficiencies. That will also create
an opportunity for the local players in retail to
learn from them.


Government Argument
Policy mandates a minimum investment of
$100 million with at least half the amount to
be invested in back-end
infrastructure, including cold
chains, refrigeration, transportation, packing, s
orting and processing. This is expected to
considerably reduce post-harvest losses.


Government Argument
This will have a salutary impact on food
inflation from efficiencies in supply chain. This
is also because food, which perishes due to
inadequate infrastructure, will not be wasted.


Government Argument
 Sourcing of a minimum of 30% from Indian
micro and small industry is mandatory. This
will provide the scales to encourage domestic
value addition and manufacturing, thereby
creating a multiplier effect for
employment, technology upgradation and
income generation.


Government Argument
A strong legal framework in the form of the
Competition Commission is available to deal
with any anti-competitive practices, including
predatory pricing.


Government Argument
There has been impressive growth in retail
and wholesale trade after China approved
100% FDI in retail. Thailand has experienced
tremendous growth in the agro-processing
industry.


Government Argument
In Indonesia, even after several years of
emergence of supermarkets, 90% of fresh
food and 70% of all food is still controlled by
traditional retailers.


Government Argument
In any case, organized retail through Indian
corporates is permissible. Experience of the
last decade shows small retailers have
flourished in harmony with large outlets.


Government Argument
Benefit to farmers:
 7-10% higher price to farmers than what they get from Mandi
 3-4% incentive for the quality of the produce farmers deliver
to Bharti Wal-Mart based on customer requirement
 Expert advice on better crop planning and management
 Efficient crop calendar management aimed at catching early
and late seasons for better prices
 Opportunity to maximize and improve income by offering
better quality


Government Argument
Benefit to stores & customers:
 Fresh produce
 Local source
 Consistent quality
 Safer food
 Value for money
 Lower cost compared to open market buys


“The language that the BJP has employed to
threaten foreign investors is condemnable, very
regrettable and tantamount to verbal lumpenism. To
say that governments will change in states after
recent elections and new government may cancel
decisions taken by the Centre on FDI is against the
spirit of democratic polity....this indicates their
dictatorial mindset of my way or highway”

Manmohan Singh, Prime Minister of India

“There was a time when even the entry of
computers was resisted in the belief that it
would lead to a loss of jobs. If FDI can
unleash the true potential of agricultural value
chain, we must welcome it. As far as the
kirana store is concerned, let us not
underestimate Indian ingenuity. Wal-mart can
co-exist with the small shop, each adding to
customer choice.”

Rajan Mittal, MD, Bharti Enterprises

Opposition‘s Argument
 Move will lead to large-scale job losses. International
experience shows supermarkets invariably displace small
retailers. Small retail has virtually been wiped out in
developed countries like the US and in Europe. South East
Asian countries had to impose stringent zoning and licensing
regulations to restrict growth of supermarkets after small
retailers were getting displaced. India has the highest
shopping density in the world with 11 shops per 1,000
people. It has 1.2 crore shops employing over 4 crore people;
95% of these are small shops run by self-employed people


Global retail giants will resort to predatory
pricing to create monopoly/oligopoly. This can
result in essentials, including food
supplies, being controlled entirely by foreign
organizations, resulting in elimination of local
stores.


Fragmented markets give larger options to
consumers. Consolidated markets make the
consumer captive. Allowing foreign players
with deep pockets leads to consolidation.
International retail does not create additional
markets, it merely displaces existing markets.


Jobs in the manufacturing sector will be lost
because structured international retail makes
purchases internationally and not from
domestic sources. This has been the
experience of most countries which have
allowed FDI in retail.


Argument that only foreign players can create
the supply chain for farm produce is bogus.
International retail players have no role in
building roads or generating power. They are
only required to create storage facilities and
cold chains. This could be done by
governments in India.


Comparison between India and China is
misplaced. China is predominantly a
manufacturing economy. It's the largest
supplier to Wal-Mart and other international
majors. It obviously cannot say no to these
chains opening stores in China when it is a
global supplier to them. India in contrast will
lose both manufacturing and services jobs.


“FDI in multi-brand retail was taken under
pressure from countries like America, whose
economic interests stand inversely
proportioned to that of small traders and
farmers.”

Laxmikant Vajpayee, BJP State Chief

“Our party's position is clear. We are opposed
to FDI in retail sector. The Government says it
will allow FDI in branded goods. But it is a
loose term as anything can be branded. We
want the Government to specify the items
where FDI is allowed.”

Sitaram Yechury, CPI-M

Our View:

In principle, governments should not prevent
anybody, Indian or foreign, from setting up
any business unless there are very good
reasons to do so. Hence, unless it can be
shown that FDI in retail will do more harm
than good for the economy, it should be
allowed.


Our View:

A major argument given by opponents of FDI in
retail is that there will be major job losses.
Frankly, the jury is out on whether this is the case or
not, with different studies claiming different findings.
Big retail chains are actually going to hire a lot of
people. So, in the short run, there will be a spurt in
jobs. Eventually, there's likely to be a redistribution
of jobs with some drying up (like that of middlemen)
and some new ones sprouting up.


Our View:

Fears of small shopkeepers getting displaced are
vastly exaggerated. When domestic majors were
allowed to invest in retail, both supermarket chains
and neighbourhood pop-and-mom stores coexisted.
It's not going to be any different when FDI in retail is
allowed. Who, after all, will give home delivery? The
local kirana. Why would anyone shun them?


Our View:

If anything, the entry of retail big boys is likely to hot
up competition, giving consumers a better deal, both
in prices and choices. Mega retail chains need to
keep price points low and attractive - that's the USP
of their business. This is done by smart procurement
and inventory management: Good practices from
which Indian retail can also learn.


Our View:

 The argument that farmers will suffer once global retail
has developed a virtual monopoly is also weak. To begin
with, it's very unlikely that global retail will ever become
monopolies. Stores like Wal-Mart or Tesco are by
definition few, on the outskirts of cities (to keep real
estate costs low), and can't intrude into the territory of
local kiranas. So, how will they gobble up the local guy?
Secondly, it can't be anyone's case that farmers are
getting a good deal right now. The fact is that farmers
barely subsist while middlemen take the cream.


Bibliography:

Print Media:
 1. The Times Of India
 2. The Hindu
Electronic Media:
 1. NDTV 24X7
 2. Times Now
 3. Headlines Today
 4. CNN IBN


Bibliography:
Internet:
1.http://www.globaljurix.com/foreign-direct-investment-retail-fdi.php
2.http://en.wikipedia.org/wiki/Foreign_direct_investment
3.http://www.fibre2fashion.com/industry-article/7/604/fdi-in-
retailing1.asp
4.http://articles.timesofindia.indiatimes.com/2011-11-
29/india/30453728_1_retail-sector-small-retailers-global-retail-
giants
5.http://sanjaykaul.wordpress.com/2011/12/02/10-reasons-why-fdi-
in-retail-is-a-bad-idea/
6.http://businesstoday.intoday.in/story/govt-may-announce-fdi-
package-for-retail-aviation-sector/1/187955.html


THANK YOU !!
Thank you all for having had the patience to sit
through an hour of this monotonous drone, but all
we can say is, we are only repaying the favour in
kind.


Impact of FDI on retail sector in India

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