India Considers Backing Foreign Investment in Supermarkets
- Plan said to allow foreign retailers with conditions
- Proposal said to seek retailers to create 1,000 jobs
Employees work at a checkout counter of a supermarket in the Kurla area of Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India is considering a proposal to lift a cap on investment by foreign retailers in local supermarkets, according to people with the knowledge of the matter.
A meeting led by Prime Minister Narendra Modi may decide on a proposal to allow 100 percent investment by retailers such as Wal-Mart Stores Inc. and Carrefour SA if they agree to sell locally made products and invest at least $100 million, the people said, asking not to be identified because the discussions are private. Others at the meeting, planned for as early as Friday, include Finance Minister Arun Jaitley and Commerce Minister Nirmala Sitharaman, the people said.