Rajasthan bars entry of foreign supermarkets

MUMBAI Sat Feb 1, 2014 12:55pm IST

Women sell produce in a market in Pushkar in Rajasthan June 24, 2009. REUTERS/Jorge Silva/Files

Women sell produce in a market in Pushkar in Rajasthan June 24, 2009.

Credit: Reuters/Jorge Silva/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The government of Rajasthan has barred foreign direct investment in the multi-brand retail sector, newspapers said, becoming the second state to block foreign supermarkets from setting up shop.

Last month, the newly-elected Aam Aadmi (Common Man) Party government in the capital, New Delhi barred foreign supermarkets, opposing the efforts of Prime Minister Manmohan Singh to attract overseas investment and revive the economy.

Singh had thrown open the country's $500-billion retail industry to foreign investors late in 2012, allowing companies such as Wal-Mart Stores (WMT.N) and TESCO Plc (TSCO.L) to own majority stakes in Indian chains for the first time.

So far, fewer than half of India's 28 states have agreed to roll out the policy.

The decision by Rajasthan, ruled by the main opposition Bharatiya Janata Party (BJP), comes just months ahead of national elections that are due to be completed by May 2014.

(Reporting by Prashant Mehra; Editing by Clarence Fernandez)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
dizzyingdreamer wrote:
Wonder what Modi supporters will call this, progressive or regressive.

Feb 01, 2014 1:23pm IST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage