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India greets retail FDI as nation strikes
NEW DELHI |
NEW DELHI (Reuters) - India formally opened its supermarket sector to foreign chains and eased foreign investment rules in airlines and broadcasters, a government statement said on Thursday, implementing a spate of reforms unveiled late last week aimed at reviving growth and staving off a credit rating downgrade.
However, the ruling coalition's push to implement foreign direct investment in the supermarket sector and increase diesel prices to pare a bloated subsidy bill faces stiff political resistance.
Trinamool Congress party, the biggest ally in Prime Minister Manmohan Singh's government, pulled out of the ruling coalition on Tuesday, and protesters blocked roads and trains as part of a one-day nationwide strike on Thursday. (Read the nationwide strike story here)
Late last year the government was forced to backtrack on a similar move to open its supermarket sector.
(Reporting by Arup Roychoudhury; Editing by Tony Munroe)
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