Here's something that has been delayed in India by at least 60 years, but is now finally happening:
the government today allowed 51 per cent foreign investment in the multi-brand retail, paving way for global chains like WalMart, Carrefour and Tesco to open mega stores in 53 major cities.
They should bring in minimum investment of USD 100 million, of which half should be in the back-end infrastructure like cold chains, processing and packaging. [Source]
This simple decision, taken 60 years ago, would have prevented tens of millions of tonnes of food from being wasted, and brought much needed discipline and competition to India.
Look forward to a REVOLUTION in retail in India, now.
A frenzy unprecedented.
A churn with millions of new jobs created and old jobs lost.
I must congratulate the Indian government on this LONG BELATED decision. Well done.
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