Rajasthan on Friday did a U turn on its decision to allow foreign direct investment in multi-brand retail. The Vasundhara Raje government informed the Union commerce and industry ministry of its decision not to allow in global biggies like Walmart and Carrefour.
Foreign retailers have cited the lack of unanimity among parties as one of the key reasons for playing the waiting game on investing in India, and experts say the development in Jaipur will further hit investor sentiment.
The Rajasthan setback, coming close on the heels of a similiar decision by Arvind Kejriwal’s Delhi government, has led the Manmohan Singh government to seek the Union law ministry’s opinion on the issue.
Foreign retailers have cited the lack of unanimity among parties as one of the key reasons for playing the waiting game on investing in India, and experts say the development in Jaipur will further hit investor sentiment.
The Rajasthan setback, coming close on the heels of a similiar decision by Arvind Kejriwal’s Delhi government, has led the Manmohan Singh government to seek the Union law ministry’s opinion on the issue.
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