India has retracted its plan to allow foreign retail chains like Wal-Mart and Britain's Tesco to open in the country, according to multiple reports. The reversal comes less than two weeks after the global business sector and the Indian government heaped praise on the original deal to let foreign retailers into India to jolt the country's economy and lower prices for farmers and consumers.
India has put a plan to open its retail industry to foreign supermarkets on hold, a senior government source said Sunday, an embarrassing turnaround for a beleaguered government fighting to retain the support of key allies.
The government is fooling the country about the benefits of foreign supermarkets, opposition leader LK Advani said.
Prime Minister Manmohan Singh's move, last week, to open India's protected retail sector to global supermarket giants surprised critics who had written him off as a policy ditherer. He was, however, probably motivated by expedience rather than any reformist zeal.
Political parties and leaders who oppose the move should study and understand realities in India and support and augment the actions needed to ensure that the decision is implemented in the right manner. If executed in the right way, it is certainly the step ahead in developing the much desired rural infrastructure and also keeping inflation in check, writes Bhaskar Prasad.
India threw open its $450 billion retail market to global supermarket giants on Thursday, approving its biggest reform in years that may boost sorely needed investment in the country.
Foreign direct investment into China climbed nearly 16 percent in the first 10 months of 2011 from a year earlier as foreign investors continued to flock to the world's fastest-growing major economy despite the global economic malaise.
Tanzania's year-on-year inflation rate rose for the twelfth straight month in October on the back of higher food and fuel prices, and is expected by some analysts to keep climbing in the coming months.
A sharp slowdown in world growth would increase the risk of recession in poorer countries, whose budgets have barely recovered from the last economic slump just two years ago, the IMF said on Monday.
Budget carrier SpiceJet will evaluate selling stake to a foreign carrier if the government were to change foreign direct investment rules.
Mauritius sees foreign direct investment (FDI) to the Indian Ocean island falling by 42.6 percent in 2011, from record levels last year when investment was boosted by two exceptionally big deals, its Finance minister said on Tuesday.
Unions have been banned in the once-closed society since 1962.
Gold mining has been a boon --not a curse -- to the Peruvian national economy over the past decade, helping lift specific mining communities out of poverty, a report released Friday by the gold-mining industry group World Gold Council, said.
Zambia's new President Michael Sata announced plans to overhaul the constitution on Friday, the latest step in his top-to-bottom review of the way Africa's top copper producer is run.
The advantages of doing business and investing in India include a federal government system with clear powers established between the central government and state governments, a liberal and friendly investment climate, and liberal and clear policies on foreign direct investment from other major economies of the world.
A group of executives advising President Barack Obama said Tuesday two very good ways to create more jobs in the U.S. are: attract $1 trillion in foreign direct investment within five years and upgrade the nation's transportation/energy infrastructure.
Starbucks Corp is finalising an equity joint venture with Tata Coffee Ltd for opening coffee shops in Asia's third-largest economy, the Times of India reported on Monday.
The Dalai Lama, the Tibetan spiritual leader, cancelled a trip to South Africa planned for this week that had put Pretoria in a bind between its biggest trading partner China and one of its modern heroes, Nobel Peace Prize laureate Desmond Tutu.
India reached 66 percent of its full-year fiscal deficit target just five months into the financial year, reinforcing worries about its ability to stick to the budgeted target for the year that ends in March.
Pakistan's Baluchistan province has objected to a mining lease being sought by a joint venture between Antofagasta and Barrick Gold, further delaying a major planned copper and gold project in the country's southwest.
The economic effects of political revolution in Egypt suggests that freedom came with a price.
E. Coli allegations have resulted in an EU ban on Egyptian fenugreek seeds. Fears loom that the Egyptian economy will take a major hit.
