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« Developers Using Buyer’s Booking Deposit to Repay Debt | Home | Despite Slowdown Green Realty Gains Momentum in India »

Relax Norms on Foreign Direct Investment to Ease Fresh Infusion into Retail

Real estate consultant CB Richard Ellis has stated that the government needs to relax norms on Foreign Direct Investment (FDI) in retail to ease fresh infusion of funds and also promote competition in the sector that has been hit by the economic slowdown. “The existing FDI rules are a constraint. There is need to open up the sector a bit more as it will facilitate fresh infusion of funds and also promote competition,” said CB Richard Ellis, Chairman, CBRE and Managing Director, South Asia, Anshuman Magazine.

At present, about 100 percent FDI is allowed in wholesale cash and carry business, while in single brand retailing 51 percent FDI is allowed but none in multi brand retailing. The Parliamentary Committee on Commerce had submitted a report opposing further opening up of the retail sector for FDI earlier this year. A report by the Indian Council of Research in International Economic Relation (ICRIER) in 2008 had considered liberal FDI norms in the sector stating that the sector would grow to $590 billion by 2011-12, of which organized retail would share 16 percent.

“Currently the share of organized retail is still very small in the overall market and has scope for growth,” said the magazine sharing ICRIER’s views.

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