Govt likely to ease FDI rules for retail

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NEW DELHI: The government is expected to move swiftly to ease foreign investment rules for the tightly-policed multibrand retail sector after BJP’s resounding win in the Uttar Pradesh assembly elections.

In his budget speech, finance minister Arun Jaitley had announced the government’s intent to ease foreign direct investment (FDI) rules further but had refrained from naming any sectors in the wake of assembly elections in five states.

Sources, however, said that the broad contours of the FDI package have been prepared at the level of bureaucrats and there are two options for the retail sector, which is seen to be a key element of the Narendra Modi government’s job creation plan as it heads into the last two years of its five-year term.

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