Between April 2010 and May 2013, the Union government approved a total of 18 foreign direct investment proposals worth $173 million in the single brand retail sector, the Union Commerce and Industry Minister Anand Sharma told the Lok Sabha on August 20. Of these proposals, the government approved five proposals in the sector worth $137.68 million during the first two months of the current fiscal, the Minister added.
Under the single-brand retail policy, firms which have received approvals to open retail stores include fashion brand Promod, France-based crockery maker Le Creuset, accessories firm Fossil Inc and French sports giant Decathlon. During April 2010 and May 2013, India also attracted FDI worth $256.7 million in agriculture services, Commerce and Industry Minister Anand Sharma said in a written reply to Lok Sabha.
The Union government had raised FDI cap in single-brand retail to 100 per cent from 51 per cent in In January 2012. As per extant FDI policy, FDI is not permitted in real estate business. There is no proposal under consideration to amend the said policy, the Minister said.