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State Allows FDI In Multi-Brand Retail

Karnataka has joined 11 other states and union territories that have agreed to allow foreign direct investment in multi-brand retail. While the BJP government had ruled out implementation of FDI in multi-brand retial, the Congress took the opposite stance upon assuming office in the state.

This decision has been welcomed by industry bodies , who have termed it as a step in the right direction. However, foodgrain wholesalers are not happy with this development, stating that more than 3 lakh traders will be affected adversely by this decision.

Source: The Times of India