'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
The Enforcement Directorate, which probed the alleged contravention of foreign exchange laws by Walmart in its investments in domestic supermarket chain Bharti Enterprises, has found no violation of FDI guidelines by the US multinational retail giant.
The move is likely to hit Bharti-Walmart, the 50:50 joint venture between the US' Walmart and Sunil Mittal-led Bharti Group that operates cash-and-carry outlets in India, the most.
Anand Sharma said the Rs 2,060-crore Jet-Etihad deal falls in line with new 'control' definition.
Minister says states have no legal way to revoke decision.
After supermarket giant Walmart, it is online retail major Amazon which has begun lobbying with the US lawmakers to seek their support for facilitating its "foreign direct investment in India".
The FDI policy is unviable for them in its current form.
While it didn't scale up its first western-wear foray, it is losing no time in expanding the second one, in order to capture a younger and more eager crowd.
On the retail FDI issue, a possibility being talked about in the corridors of power is the Congress might withdraw its support to AAP in Delhi.
American retail major Walmart has snapped ties with Indian partner Bharti but its plans to enter the country's multi-brand retail space appears intact.
The government liberalised FDI policy in sectors, including multi-brand retail, single-brand retail, commodity exchanges, power exchanges, broadcasting, non-banking financial institutions and asset reconstruction companies.
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Give us your take on the fashionable (and not-so-fashionable) choices of these famous faces.
Retailers can buy existing facilities if they spend $50 mn to create additional infra.
The CBI, in its letter, said the matter was 'analysed' by the agency and it 'revealed violations of RBI guidelines and FEMA regulations'.
'The trading community will be a priority for Modi when he forms the next government.'
The private sector, the Prime Minister said, needs an environment in which enterprise can flourish and create both jobs and stimulate growth to ensure that it remains inclusive.
Mamata Banerjee, who had pulled out of UPA-II over FDI in retail, among other issues, would dedicate mall to people of Kolkata.
In a year marked by economic downturn, the estimated $500 billion retail sector in India saw growth slowing down to 10-11 per cent from high double digits growth earlier.
The conditions imposed on prospective investors in the retail sector betray a lack of understanding of the dynamics of the business.
CPI leader D Raja also attacked govt for going back on its assurance to hold consultations with all stakeholders.
In matters of policy, this court will not interfere unless it is unconstitutional, the judge declared.
Multi-brand foreign retailers such as Walmart, Metro, Carrefour and Tesco have already invested in India under cash-and-carry arrangements.
Though international biggies are already in India, they are yet to formalise plans for front-end multi-brand retail.
Govt's decision to allow FDI will attract capital, boost confidence and soothe the nerves, say experts.
Corporate corruption in India is not just about bribing bureaucrats to bypass laws; it's about accounting frauds, kickbacks and cybercrime.
American retail giant Walmart has said it will provide "relevant information" to the Indian authorities for the judicial probe announced due to pressure from Opposition parties on the issue of the company's lobbying efforts in the US regarding India's multi-brand retail sector.
The United Progressive Alliance government won the vote on Foreign Direct Investment in multi-brand retail not by "floor management but by fund management", alleged Bharatiya Janata Party national spokesperson Muktar Abbas Naqvi on Saturday.
Opposition National Democratic Alliance and estranged United Progressive Alliance ally Trinamool Congress on Friday criticised the decision to allow Foreign Direct Investment in multi-brand retail, saying government has surrendered to crony capitalism and feared that the policy will spell doom for farmers and small traders.
Insisting that the decision to introduce Foreign Direct Investment in retail requires vigorous Parliamentary sanction, the Trinamool Congress on Wednesday accused the government of indulging in 'hoodwinking tactics' to claim that there was need for it.
The Confederation of All India Traders, the apex body of trade federations and small-scale sector players in the country, upped their campaign on Saturday against the United Progressive Alliance government's proposal to bring in foreign direct investment in multi-brand retail by another notch. The CAIT announced a nationwide campaign, 'Retail FDI bhagao, apne vatan ko bachao' (Chase out FDI in retail, save our nation) in the national capital on Saturday.
An official said next week, the Department of Industrial Policy and Promotion was likely to issue clarifications sought by the sector on the government's multi-brand retail policy.
On the trend of paddy-wheat cycle in Punjab, he said it was not only affecting fertility of the agricultural land, but was also causing depletion of underground water in the state.
Part of the official delegation accompanying Prime Minister Manmohan Singh to the Association of South East Nations summit in Phnom Penh, Cambodia, he was briefing the media on board the aircraft earlier on Sunday.
Foreign direct investment in the retail sector was one of the wish list of the US companies and the US had been pushing for it for quite some time now.
Two Lok Sabha Members of Parliament of Jharkhand Vikas Morcha on Saturday formally withdrew support from the United Progressive Alliance government, slamming it for anti-people decisions like FDI in multi brand retail, inflation and "creating a record in corruption". A delegation of JVM MPs and seniors leaders, led by party chief Babulal Marandi, met President Pranab Mukherjee and submitted a letter withdrawing support from the government.
Geithner and Bernanke are scheduled to visit Mumbai tomorrow.
The other recent reforms initiative of the government include the decision to raise FDI cap in insurance from 26 to 49 per cent and allowing foreign investment in pension.
According to a research report by Bank of America Merrill Lynch, there has been a sea change in interest in India post the reforms announced last week that included allowing foreign direct investment in multi-brand retail and the civil aviation sector.
US retail giant Walmart has asked the government for more time to convert $100 million of debentures held in a Bharti Group unit, an investment that's being investigated for alleged violation of norms.
