New Delhi: The government on Tuesday said it will go ahead with its decision to allow 100 per cent foreign direct investment (FDI) in single-brand retail.
"In single brand retail, there will not be a pause, it's a good beginning. The Cabinet has approved both (single and multi-brand retail). There is a pause when it comes to notification of the decision taken that is for multi-brand retail for now," Commerce and Industry Minister Anand Sharma said during his meeting with fashion industry people.
The government has decided to suspend its decision to allow 51 per cent FDI in multi-brand retail due to the logjam in Parliament over the issue.
The government had also decided to increase FDI in the single-brand retail sector to 100 per cent from 51 per cent at present. However, it has not yet notified the decision on single-brand retail.
Speaking on the occasion, Textiles Secretary Rita Menon said that there is a need to open the branches of prestigious National Institute of Fashion Technology (NIFT) in the under-developed parts of the country.
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