FDI in multi-brand

Cabinet approves proposal to permit 51% FDI in multi‐brand retail Individual state govts will have discretion to allow multi-brand Centre says CM of Delhi, Assam, Maharashtra, AP support FDI Rajasthan, Uttarakhand, Haryana, Manipur also support FDI Govt of Bihar,Gujarat, Kerala, MP,UP, West Bengal,Odisha oppose FDI: Rpt Karnataka , Jharkhand, Punjab yet not decided & to study fine print: Rpt Key Riders include: 1)Retail sales outlets may be set up only in cities with population of > 10lakh as per 2011 Census It also cover 10 kms area around municipal/urban agglomeration limits of such cities In States/ Union Territories, not having cities with population of >10 lakh as per 2011 Census, Retail sales outlet may be setup in cities of their choice 2)At least 50% of total FDI shall be invested in `back‐end infra`within 3 years of induction of FDI Alert: Most of other riders remain similar to previous notification Beneficiaries: Pantaloon is biggest beneficiary of FDI in retail Co. has to pay back debt of Rs.6000cr