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India finally opens for business Friday, 14th September 2012
Plans to allow foreign businesses to invest in India’s lucrative retail sector have finally been cleared once more.
It will be welcome news for multinational companies such as Walmart and Tesco, who are keen to tap into India’s burgeoning consumer climate. International firms will now be able to buy up to a 51 per cent stake in multi-brand retailers.
A similar plan was last year suspended by the government after fierce opposition from both allies and political rivals.