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India to allow more foreign retail investment, likely paving way for Wal-Mart, other giants
NEW DELHI (AP) ' India's cabinet is allowing more foreign direct investment in multibrand retail in a decision likely to open the country to global retailing giants.
The Cabinet at Thursday's meeting approved 51 percent foreign direct investment in multi-brand retail. It also increased the FDI cap in single-brand retail to 100 percent.
India currently allows 51 percent foreign investment in single-brand retailers and 100 percent for wholesale operations. Top retailers like Wal-Mart, Carrefour and IKEA have long lobbied to free the policy further.
Consulting firm Deloitte says India's $400 billion retail market is India's second-largest employer, after agriculture.