M A I N   N E W S

Retail move was overdue, says Tata
Sanjeev Sharma
Tribune News Service

New Delhi, September 15
Ratan Tata, chairman, Tata Sons, has congratulated the government on clearing the proposal to allow 51 per cent FDI in multi-brand retail. In a letter written to Commerce and Industry Minister Anand Sharma, Tata has endorsed “the long overdue move despite tremendous political resistance from vested interest sections”.

Tata, who is presently overseas, wrote that he was sure that the clearance would enhance India’s image among foreign investors and signal that India is on the move again.

Tata is among the foremost voices of Indian industry both within India and abroad.

Sharma has been piloting the FDI proposal in retail and has been pursuing it despite the opposition that it faced from various sections including many political parties.

The Cabinet yesterday approved the decision to operationalise FDI upto 51 per cent in multi-brand retail allowing supermarkets such as Walmart, Tesco and Carrefour to set up shop in India.