New Delhi:
The government today relaxed norms for foreign direct investment or FDI in multi-brand retail, paving the way for retailers like Wal-Mart to set up shop in the country.
The Department of Industrial Policy and Promotion (DIPP) had earlier moved a note seeking to change the norms of outsourcing.
The definition of small industries has been changed and now procurement of manufactured/ processed products can be sourced from Indian micro medium small enterprises (MSMEs) that have a total investment of $2 million from the earlier cap of $1 million.
The Department of Industrial Policy and Promotion (DIPP) had earlier moved a note seeking to change the norms of outsourcing.
The definition of small industries has been changed and now procurement of manufactured/ processed products can be sourced from Indian micro medium small enterprises (MSMEs) that have a total investment of $2 million from the earlier cap of $1 million.
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