The Government is moving ahead with further opening of retail sector to foreign investments, and detailed deliberations in this regard were held in the finance ministry.
According to a PTI report: The commerce and industry ministry may soon approach the Union Cabinet to get the final approval on the proposals, sources said.
The Government is mulling easing policy in single brand and multi-brand retail trading.
There is a consideration to allow 100 per cent FDI in single brand retail sector through automatic route with certain conditions.
Currently, FDI up to 49 per cent is permitted under the automatic route but beyond that limit, Government’s nod is required.
Further, the Government is weighing the option of permitting overseas retailers to open stores for selling ‘Made in India’ products.
Besides, Union Food Processing Minister Harsimrat Kaur Badal is pitching to permit FDI in non-food items, along with food products, under the multi-brand retail policy.
She wants that foreign players should be allowed to sell non-food items along with food products processed and manufactured in India under the FDI in food policy.
The easing of the policy will be on the lines of the announcements made by Finance Minister Arun Jaitley in the Budget for 2017-18.