The retail juggernaut is ready to roll in India. After announcing that multi-brand retail (MBR) would be opened to foreign direct investment (FDI), the Congress government was virtually under siege. It was widely speculated that the government would have to roll back the approval to invest in MBR due to pressures from nearly all political opposition parties in India.
However after a series of general debates the government decided to let the country’s parliament decide the issue. Based on the debates and voting held on 5 and 7 December 2012, the parliament ratified the government’s decision government to go ahead with foreign investment in MBR.
Narrow victory
The Lok Sabha (directly elected representatives) voted 253 in favour, 218 against, 43 walked out and 31 were absent in a total house of 545.
Gautam Khurana is the managing partner at India Law Offices in New Delhi.
D – 19 (GF) & D – 31, South Extension – 1
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Tel: +91 11 2462 2216, 2462218
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Email: g.khurana@indialawoffices.com
