New Delhi to Open Up Retailing Sector, by John Larkin and Eric Bellman

Monday, May 2, 2005

India plans to open its booming but protected retail sector to foreign investment — initially by providing access for international grocery companies — as the government tries to answer growing pressure for bolder economic changes. Commerce and Industry Minister Kamal Nath said in an interview that the $190 billion retail industry, which has been growing as much as 5% a year recently, would be opened in a way that encouraged investment while protecting the jobs of millions of small shopkeepers who dominate the trade. The way forward is to “protect moms and pops while making opportunity for their sons and daughters,” Mr. Nath said. “We need a retail model that doesn’t displace or replace existing retail.”
Story found here.

Source: The Wall Street Journal