Home Fashion Govt Approves Proposal of TESCO for Multi Brand Retail Trading in India

Govt Approves Proposal of TESCO for Multi Brand Retail Trading in India

By  
SHARE

India is sixth largest supplier in world with 3.7 percent share in global readymade garment exports as per World Trade Integrated Solutions database of 2013 while Bangladesh and Cambodia are 2nd and 14th largest readymade garment supplier in global market respectively.

As per extant policy in Multi-Brand Retail Trade (MBRT) Policy stipulates that ‘At least 30 percent of the value of procurement of manufactured/processed products purchased shall be sourced from Indian micro, small and medium industries, which have a total investment in plant & machinery not exceeding USD 2.00 million. Government has approved a proposal from Tesco Overseas Investment Ltd. (TESCO), a UK Company to carry out the business of Multi Brand Retail Trading in India. No other application/proposal for investment in Multi Brand Retail Sector has been received in .

The information was given by the Minister of State (Independent Charge) in the Ministry of Textiles in a written reply in Rajya Sabha.