The government is weighing a proposal to make it easier for large foreign investors to set up single-brand retail stores in the country, reported Financial Express.
The new policy will provide foreign investors more time to comply with the 30 percent mandatory domestic sourcing rule, a source privy to the matter told the newspaper.
“The proposal is currently at a discussion stage. The government is yet to make a decision,” the source was quoted as saying in the report.
Last year, the government allowed up to 100 percent FDI in single-brand retail via automatic route, replacing the need to seek its approval for any foreign investment beyond the 49 percent mark.
Currently, retail entities are required to meet the 30 percent sourcing norms directly from its India operations on an annual basis after the completion of the five-year period, added the report.
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