India clarifies sourcing rule for foreign supermarkets
01/12/2011 98
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Foreign supermarkets wanting to set up shop in India will have to source 30 percent of their produce from local, small industries, a government statement said on Monday, appearing to change the rule within days of announcing a supermarket policy.
The government on Thursday approved 51 percent foreign direct investment (FDI) in supermarkets, paving the way for firms such as Wal-Mart Stores Inc, Tesco and Carrefour to enter one of the world's largest untapped markets.
Last Friday, a government statement had said supermarkets could not be forced to source their wares from Indian industries as such a policy would not be compliant with guidelines from the World Trade Organisation (WTO).
Source: Reuters
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