Department of Industrial Policy and Promotion Ministry of Commerce and Industry notified the decision to allow 100 per cent FDI in Single brand retail today via Press Note No.1 (2012 Series).
The Union Minister for Commerce Industry and Textiles said "Cabinet took the conscious decision to liberalise policy for FDI in single brand retail. FDI in single brand has led to emergence of some global majors in Indian market.
We have now allowed Foreign Investment up to 100 percent with the stipulation that in respect of proposals involving FDI beyond 51 per cent there will be mandatory sourcing of at least 30 per cent of the total value of the products sold would have to be done from Indian 'small industries/village and cottage industries, artisans and craftsmen.
This step will provide stimulus to domestic manufacturing value addition and help in technical upgradation of our local small industry."
The Press Note No.1 (2012 Series) of DIPP can be seen here