The Indian government has performed a dramatic U-turn, first announcing it would permit foreign multi-brand retailers to set up shop in the country and then reversing the decision in the face of heavy opposition just days later.
The prime minister, Manmohan Singh, said plans to raise foreign investment caps in the retail sector had been put on hold and not abandoned altogether. In an interview in his office in Parliament House, Singh told Bloomberg: “There may be zigzags along the way, but the path is the one I set.”
On 7 December, the finance minister, Pranab Mukherjee, said the government would make a decision about retail liberalization once a consensus had been reached “after consultations with all stakeholders”.
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