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www.ijmit.com International Journal of Management & Information TechnologyISSN: 2278-5612 Volume 3, No 1, January, 2013

Council for Innovative Research 54 | P a g e

FDI in Multi-brand Retailing in India:

Comparative study with China

Dr. Anuradha JainAssociate Professor, Vivekananda Institute of Professional Studies

AU Block (Outer Ring Road) Pitampura Delhi110088

ABSTRACT

Retailing is the interface between the producerand the individual consumer buying for personalconsumption. As such, retailing is the last link thatconnects the individual consumer with themanufacturing and distribution chain. Indian retailindustry is one of the sunrise sectors with hugegrowth potential. However, in spite of the recentdevelopments in retailing and its immensecontribution to the economy, retailing continues tobe the least evolved industries and the growth oforganised retailing in India has been much sloweras compared to rest of the world. This papercaptures the existing retail scenario in India withregard to organized and un-organized retail andpresents the limitations of the current set-up alongwith the experiences of domestic players. Thepaper discusses about opening up of the multi-brand retail sector to foreign direct investment by

the government. The rationale for retail reformsand challenges to be addressed by the retail sectorare discussed. FDI in Retail is like an allopathicmedicineIt would deliver quick results & wouldnot work as hit & trial like Homeopath.

Government must go for Policy Mix to avoid itsside effects. It will require various changes ininternal policies also. The whole process must bemade socially & economically useful.It will bebetter to follow the Chinese model of caution andhurrying slowly. China took over 12years toliberalise its FDI regime and in stages with

reversals as well. The Chinese retail environmentis 20years ahead of us. Looking at their markettoday can give us a rough idea of how FDI inmulti brand retail in India might pan out in themedium term and long term period.

Keywords: Organised retail, Globalization,Foreign Direct Investment, and Multi brand retail,China

1.INTRODUCTIONThe problem of foreign investments in India hasbeen an issue of outstanding importance eversince the days of the East India Company. Itacquired a different complexion and addedsignificance after Indian Independence. However,it was only after the launching of the Five YearPlans for comprehensive economic developmentand especially after 1991 policy of globalisationthat this problem assumed a new dimension ineconomic thinking. Globalization is a factor whichwould catch and compete with other countries ofthe world in order to develop and prosper. Nobodywould like to be immune from this facility. But itis also a hard fact that when economic stablisation

and structural adjustment programs are taken upand free trade policy with uniformity of law starts,the rich becomes richer and poor become poorer.This is the negation of principle of socialism onthe edifice of which the Indian constitution hasbeen framed1. Globalization and liberalisation areinseparable. In India this policy of liberalizationstarted in 1961 when Nehru was the PrimeMinister. It could not keep pace because of theeconomic conditions of the country. As said byPrime Minister Dr. Manmohan Singh, In 1991,when we opened India to foreign investment in

manufacturing, many were worried. But today,Indian companies are competing effectively bothat home and abroad and they are investing aroundthe world. I'm sure this will happen in retail trade

1Preamble to the Constitution of India.

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as well2. It was put into practice in 1991 and asystem of globalization started when the economiccondition of our country was in bad shape andsocialistic influence of Russia had started eroding.According to International Monetary Fund, FDI is

defined as Investment that is made to acquire alasting interest in an enterprise operating in aneconomy other than that of the investor, theinvestors purpose being to have effective voice in

the management of the enterprise3.Foreign Investment in India is governed by theFDI policy announced by the Government of Indiaand the provision of the Foreign ExchangeManagement Act (FEMA) 1999. The ReserveBank of India (RBI) in this regard had issued a

notification, 4 which contains the ForeignExchange Management (Transfer or issue of

security by a person resident outside India)Regulations, 2000. This notification has beenamended from time to time. The Ministry ofCommerce and Industry, Government of India isthe nodal agency for motoring and reviewing theFDI policy on continued basis and changes insectoral policy/ sectoral equity cap. The FDIpolicy is notified through Press Notes by theSecretariat for Industrial Assistance (SIA),Department of Industrial Policy and Promotion(DIPP).It is generally accepted that foreign capital can

register an impact on the economy of the recipientcountries. But economists differ on the nature ofthis impact or the relative importance of the costwhich the recipient countries have to incur or thebenefits which they acquire. The problem ofdetermining the exact role played by foreigninvestments in the economic growth of theborrowing countries has not been settled to thesatisfaction of either the layman or theprofessional economist. Economic growth isclosely related to growth of retailing. Economic

2Statement on FDI, published in Uday India, Oct13, 2012. Pg 29.3International Monetary Fund, Balance ofPayments Manual, Washington, DC, 1977, pg.408.4Notification No. FEMA 20/2000-RB dated May3, 2000.

growth depends crucially on growth of the privateconsumption as it comprises of about two-thirdsof the GDP. Retailing in India is one of the pillarsof its economy and accounts for 14 to 15% of itsGDP5. The growth of private consumption in turn

depends on development of the retail industry.This linkage makes it imperative for the retailsector to experience high level of growth in orderto have a sustainable economic growth In 2004,The High Court of Delhi6defined the term retailsa sale for final consumption in contrast to a salefor further sale or processing (i.e. wholesale). Asale to the ultimate consumer.The retail sector in India has undergonesignificant transformation in the past 10 years.Traditionally, Indian retail has been characterizedby the presence of a large number of small

unorganized retailers. However, in the past decadeorganized retail has developed rapidly, which hasencouraged large private sector players to investin this sector. Many foreign players have alsoentered India through different routes such asfranchising, wholesale, cash and carry etc. Withhigh GDP growth, increased consumerism andliberalization of the manufacturing sector, India isbeing portrayed as an attractive destination forFDI in multi-brand retailing. However, at presentthis sector is closed to FDI. Within the countrythere has been significant protest from trading

associations and other stakeholders againstallowing FDI in multi-brand retail. To makethings easier, we could look at China, which likeIndia has historically had a vast and fragmentedretail sector7. It will be better to follow theChinese model of caution and hurrying slowly.China took over 12years to liberalise its FDIregime and in stages with reversals as well. The

5Anand Dikshit ,"The Uneasy Compromise -Indian Retail". The Wall Street Journal August 12,2011.6Association of Traders of Maharashtra v. Unionof India, 2005 (79) DRJ 4267Guruswamy, Mohan, Sharma, Kamal Mohanty,Jeevan Prakash and Korah, Thomas J. 2005. FDIin Indias Retail Sector: More Bad than Good,Economic and Political Weekly. Vol. 40, no. 7:619-623.

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Chinese retail environment is 20years ahead of us.Looking at their market today can give us a roughidea of how FDI in multi brand retail in Indiamight pan out in the medium term and long termperiod.

As part of integrating Indian economy to worldmarket due to WTO obligation and also forencouraging foreign direct investment (FDI) in thecountry, Government of India proposed a policyof 100 per cent FDI in single brand retail, and 51per cent FDI in multi-brand retail8. According tothe proposed provisions, the minimum foreigninvestment shall be $ 100 million, of which atleast half shall be for back end infrastructurecreation. It is argued that with this single stroke,multi-billion dollar enterprises may set up theirstores in India, which may revolutionize the

retail sector.One cannot forget that the Indian retail industryhas experienced high growth over the last decadewith a noticeable shift towards organised retailingformats. The industry is moving towards a modernconcept of retailing. It has been ranked at the thirdplace in global FDI in 2009, following economicmeltdown, will continue to remain among the topfive attractive destinations for internationalinvestors.9 The size of Indias retail market wasestimated at US$ 435 billion in 2010. Of this, US$414 billion (95 per cent of the market) was

traditional retail and US$21 billion (5 per cent ofthe market) was organized retail. Indias retailmarket is expected to grow at 7 per cent over thenext 10 years, reaching a size of US$ 850 billionby 2020. Traditional retail is expected to grow at 5per cent and reach a size of US$ 650 billion (76per cent), while organized retail is expected togrow at 25 per cent and reach a size of US$ 200billion by 2020.10The US based global management consultingfirm, AT Kearney, in its Global RetailDevelopment Index (GRDI) 2011, has rankedIndia as the fourth most attractive nation for retail

8Proposed policy on FDI in Multi-brandRetail.para 6.2.16.5 of press note 5(2012 series),Government of India.9World Investment Prospects Survey 2009-2011.10FICCI report.

investment, among 30 emerging markets. AsIndias retail industry is aggressively expandingitself, great demand for real estate is beingcreated. The cumulative retail demand for realestate across India is expected to reach 43 million

square feet by 2013. Around 46 per cent of thetotal estimated demand between 2009 and 2013will come from Tier-1 cities. For instance,Pantaloon Retail added 2.26 million square feet(sq. ft.) of retail space during the fiscal 2011 andbooked over 9 million sq. ft of retail space tofructify its expansion plans in future.11As a concept people dont oppose FDI but FDIcannot be granted as a cardinal principle to accessanything and everything. This is the maindifference amongst various political parties. Theyhave now introduced the FDI in retail. And FDI in

multi-brand retail as per some conviction is a lowpriority at this stage of our economy because ofthe experience of the FDI in retail sector. Firstretail chain is not a big technology where one mayhave ample retail or more retail actually. Afteragriculture this is the single most employmentprovider of the economy with 40 million of peoplebeing directly or indirectly involved into it. So thisis the third largest employer of the economy. Theyare not demanding jobs from the government. Andthe retail shop or the corner kiraana shops, as weknow, are doing a laudable service. India is not

facing a service deficiency as far as retail isconcerned. We have already allowed organisedretail. Some were opposing that also but didntoppose the organized retail. Its' okay if we have tomodernise the retail, we have to view the scalewhich it requires. And now we have been a decadeinto the organised retail and organised retail isactually facing many problems nowadays. Sothere was a demand from the organised retail.There is a heavy burden of price-rise on theshoulder of the people. A heavy economic dose inthe shape of controlling and enhancing diesel andpetroleum product prices would weigh heavy on

them.12 People want economic reform for the

11A.T. KearneyReport on FDI Confidence Index12Times of India(Delhi),12 December,2012 pg 1

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country but not heavy dose which they cannot beeconomic reform for the country but not heavydose which they cannot bear. Retail sector is ofutmost importance in case of Indian economy andto prove it we must see the SWOT analysis of it.

SWOT Analysis of Retail sector

Strengtha. Major Contribution to GDP: the retail

sector in India is hovering around 33-35%of GDP as compared to around 20% inUSA.

b. High Growth Rate: the retail sector inIndia enjoys an extremely high growth rateof approximately 46%.

c. High Potential: since the organised portionof retail sector is only 2-3%, therebycreating lot of potential for future players.

d. High Employment Generator: the retailsector employs 7% of work force in India,which is right now limited to unorganisedsector only. Once the reforms getimplemented this percentage is likely toincrease substantially.

2. WEAKNESSESa. Lack of Competitors: AT Kearneys study

on global retailing trends found that Indiais least competitive as well as leastsaturated markets of the world.

b. Highly Unorganised: The unorganisedportion of retail sector is only 97% ascompared to US, which is only 20%.

c. Low Productivity: Mckinsey study claimsretail productivity in India is very low ascompared to its international peers.

d. Shortage of Talented Professionals: theretail trade business in India is notconsidered as reputed profession and ismostly carried out by the family members(self-employment and captive business).Such people are not academically andprofessionally qualified.

e. No Industry status, hence creatingfinancial issues for retailers: the retailsector in India does not enjoy industrystatus in India, thereby making difficult forretailers to raise funds.26

3. OPPORTUNITIES (benefits)

a. There will be more organization in thesector: Organized retail will need moreworkers. According to findings of KPMG ,in China, the employment in both retailand wholesale trade increased from 4% in

1992 to about 7% in 2001, post reformsand innovative competition in retail sectorin that country.

b. Healthy Competition will be boosted andthere will be a check on the prices(inflation):Retail giants such as Walmart,Carrefour, Tesco, Target and other globalretail companies already have operationsin other countries for over 30 years. Untilnow, they have not at all becomemonopolies rather they have managed tokeep a check on the food inflation through

their healthy competitive practices.c. Create transparency in the system: the

intermediaries operating as per mandinorms do not have transparency in theirpricing. According to some of the reports,an average Indian farmer realises only one-third of the price, which the final consumerpays.

d. Intermediaries and mandi system will beevicted, hence directly benefiting thefarmers and producers: the prices ofcommodities will automatically be

checked. For example, according toBusiness Standard, Walmart hasintroduced Direct Farm Project atHaider Nagar in Punjab where 110 farmershave been connected with Bharti Walmartfor sourcing fresh vegetables directly.

e. Quality Control and Control over Leakageand Wastage: due to organisation of thesector, 40% of the production does notreach the ultimate consumer. According tothe news in Times of India, 42% of thechildren below the age group of 5 aremalnourished and Prime Minister

Dr.Manmohan Singh has termed it asnational shame. Food often gets rot in

farm, in transit and in state-runwarehouses. Cost conscious and highlycompetitive retailers will try to avoid thesewastages and losses and it will be theirendeavor to make quality products

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available at lowest prices, hence makingfood available to weakest and poorestsegment of Indian society.

f. Heavy flow of capital will help in buildingup the infrastructure for the growing

population: India is already operating inbudgetary deficit. Neither the governmentof India nor domestic investors are capableof satisfying the growing needs (school,hospitals, transport etc.) of the evergrowing Indian population. Hence foreigncapital inflow will enable us to create aheavy capital base.

g. There will be sustainable development andmany other economic issues will befocused upon. Many Indian small shopsare not under any contract and also under

aged workers giving rise to child-labour. Italso boosts corruption and black money.

4. THREATSa. Current Independent Stores will be

compelled to close: This will lead tomassive job loss as most of the operationsin big stores like Walmart are highlyautomated requiring fewer work forces.

b. Big players can knock-out competition:they can afford to lower prices in initialstages, become monopoly and then raiseprice later.

c. India does not need foreign retailers: asthey can satisfy the whole domesticdemand.

d. Remember East India Company it enteredIndia as trader and then took overpolitically.

e. The government hasnt been able to buildconsensus.

f. In view of the above analysis, if we try tobalance opportunities and prospectsattached to the given economic reforms, itwill definitely cause good to Indian

economy and consequently to public atlarge, if once implemented. All the abovementioned drawbacks are mostlypolitically created. With theimplementation of this policy allstakeholders will benefit whether it isconsumer through quality products at low

price, farmers through more transparencyin trading or Indian corporate with 49%profit share remaining with Indiancompanies only.

China used to be one of the most closed

economies in terms of policy toward foreigninvestment and external debt. Starting fromvirtually no foreign-owned firms on Chinese soilbefore 1979, China has now become one of thelargest developing host countries for foreigninvestment with the flow of foreign directinvestment (FDI) reaching $26 billion (U.S.) in1993 13. This dramatic change is part of the overallChinese effort that began about 20 years ago toreform the economic system and open up to theoutside world.China opened up FDI in retail only in 1992 and

that was limited to 26 per cent. Ten years later, in2002, that cap was raised to 49 per cent. It wasonly in 2004 that 100 per cent FDI in retail wasallowed, after local Chinese manufacturing hadacquired teeth14. Initially, China also allowedforeign retailers to open only in selectmetropolises, such as Beijing, Shanghai andShenzhen, and moreover, only in certain districtsin those cities. In Beijing and Shanghai, foreignretailers like Wal-Mart were only allowed tooperate in districts where there were no localcompetitors. Through these invisible barriers,

China succeeded in giving local retailersprotection, while at the same time, they learntfrom the more efficient business models offoreign companies.15China, in fact, is a really exciting example of howit transformed Walmart USA. As China rampedup its own manufacturing sector, throughsubsidies, special economic zones and other perks,as many as 15,000 Chinese suppliers were servingWalmart China in 2010; the company had

13China State Statistics Bureau 199414Dutta, Devangshu. 2011. FDI in Retail: More Heatthan Light. [Newspaper article online].Financial

Express: FE Reflect, Saturday, 26 November. Accessedon 23 March 2012 athttp://www.financialexpress.com/news/more-heat-than-light/880586/15Krishnan, Ananth, Chinese retailers give global giantsrun for money. The Hindu, Friday, 2 December, 2012.

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expanded its presence to 352 supermarkets in 130cities across China. Exports to the US amountedto $60 billion annually. Walmart China nowclaims that 95 per cent of its goods sold in Chinaare sourced locally.

China achieved an impressive economic growthwith an average rate over 9% in 1978-2005, thehighest in that period. The achievement seems toowe much to the adoption of radical initiativesencouraging inward FDI. From an almost isolatedeconomy, China has become the largest FDIrecipient in the developing world and globally thesecond largest (next to US) since 1992. In 2002,China even surpassed the US with FDI inflows of$53 billion. By the end of 2005, the accumulatedFDI in China was $622 billion. The contributionof FDI to the Chinese economy seems to be

burgeoned in ways that no one anticipated. In2004, FDI inflows constituted 7 % of the grosscapital formation. The overall number of foreignretail stores in China in the Top 100 increased by25.64%, exceeding the 11.49% of Chinese retailstores in 2010. There were 135 newly-openedstores of the six major foreign supermarketoperators in 2010, up 22.77% over the previousyear. Seven foreign retailers enjoyed the growth ofmore than 20% in the number of stores in 201016.This means burgeoning organised retail segment;and the benefits of a larger organised retail

segment are several -the greater benefit being theexpanded reach and increased volumes thatorganised retail can tap. Increased volumestranslate into more manufacturing, more jobs inindustry and more prosperity. Their sales greatlyimproved as well in 2010, but remained lowerthan the domestic average. Among the Top 100,foreign retailers had a sales growth of 18.09% in2010, vs. 25.3% sales growth of Chinese retailers.This is mainly because only 5% of Chinas retail

enterprises are foreign invested and they still facerestrictions and lack of clarity in rules17 (Woke

16Deloitte China CB&T Group. 2011. China power ofretailing 2011. [Report online]. China: Deloitte ChinaConsumer Business & Transportation (CB&T) Group.Accessed on13 April 2012 athttp://www.deloitte.com/assets/Dcom-17Woke, Li. 2011. Robust domestic market is teemingwith competitors. [Blog online]. China Daily. Accessed

2011). However, for one, it is unclear if India canpose the barriers that challenged foreign retailersin China, starting right from land foreignretailers here have complained of not being givenland by local governments, who control all land

transactions in prime locations.Certainly consolidation of the retail sector inChina, as a result of the government-supportedrise of local retail giants in order to protect themfrom foreign retailers, has put many small farmerswho could not cope with lower prices, out ofwork. But it cannot be anyone's case that farmersare getting a good deal right now; they remainunderprivileged in terms of accessing technology,inputs, and above all, credits and subsidies fromthe government in India. The fact is that farmersbarely subsist while middlemen take the cream.

Hence, we should not get dreamy about thisunequal relationship and decline FDI in MBRT inthe name of farmers .Likewise, the argument thatfarmers will suffer once global retail hasdeveloped a virtual monopoly is also weak.Effect of FDI on Traditional Market in China

Type No. of stores in

1996

No. of stores in

2001

Traditional 1,920,604 2,565,028

Supermarkets 13,079 152,194

Convenience 18,091

Hypermarkets 593

Source: Foreign Direct Investment in Retail ICICI

Bank (2004)

There is a myth that organized global retailers eatup local retail chains including mom and popstores. But in reality China brought in globalretailers like Wal-Mart in 1996, has just about20% of organized retail meaning the argumentthat unorganized retail gets decimated, isfallacious.

1. FDI in retailing was permitted in China forthe first time in 1992. Foreign retailerswere initially permitted to trade only in sixProvinces and Special Economic Zones.Foreign ownership was initially restricted

to 49%.

on April 10, 2012 athttp://www.chinadaily.com.cn/business/2011-08/25/content_13188303.htm
http://www.chinadaily.com.cn/business/2011-08/25/content_13188303.htmhttp://www.chinadaily.com.cn/business/2011-08/25/content_13188303.htmhttp://www.chinadaily.com.cn/business/2011-08/25/content_13188303.htmhttp://www.chinadaily.com.cn/business/2011-08/25/content_13188303.htmhttp://www.chinadaily.com.cn/business/2011-08/25/content_13188303.htm

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2. Foreign ownership restrictions haveprogressively been lifted and, andfollowing Chinas accession to WTO,

effective December, 2004, there are noequity restrictions.

3. Employment in the retail and wholesaletrade increased from about 4% of the totallabour force in 1992 to about 7% in 2001.The numbers of traditional retailers werealso increased by around 30% between1996 and 2001.

4. In 2006, the total retail sale in Chinaamounted to USD 785 billion, of which theshare of organized retail amounted to 20%.

5. Some of the changes which have occurredin China, following the liberalization of itsretail sector, include:

a. Over 600 hypermarkets were openedbetween 1996 and 2001b. The number of small outlets (equivalent to

kiranas) increased from 1.9 million to over

2.5 million.c. Employment in the retail and wholesale

sectors increased from 28 million people to54 million people from 1992 to 2000

Shi Yongheng18 said that the success of China'slocal retailers was enabled by the governmentcontrolling the speed of the gradual opening upprocess, which gave local retailers enough time to

adapt (Krishnan 2011). Apart from this, it isbecause of economic growth as well and alsobecause big players strengths in their homecountries are based on factors that are totallyabsent in other countries, for instance, Wal-Martis able to drive costs down because of itsincredible logistics and supply chains which areabsent in India as they were absent in China.There is also the question of physicalinfrastructure like roads and ports that are not tothe same level as they are in the US and theysimply will not have the kind of scale that theyhave in the US to negotiate and bargain with the

suppliers and drive down the cost19

18Shi Yongheng is a professor from the School ofEconomics and Management at Tsinghua Universitywho has studied China's retail sector19Manshu, 2011, FDI in Multi Brand Retail is great.[Article online].Economy, Tuesday, 29 November.

5. CONCLUSION

Like China, India should first encourage and focuson strengthening the domestic organised retailchains foothold and presence in the multi brand

retail sector prior to completely opening the multibrand retail to foreign investment. Our countryalso poses a big challenge to organised largeretailers particularly in food sector. Food beingperishable item, for the retailer to be successfulthe key is proper supply chain management. Thechallenge comes from a number of factors, e.g.,huge size and population of our country, variedculture and hence varied taste, very poorinfrastructure like improper roads, badconnectivity between production centre andmarkets, lack of proper cold chain facility like

refrigerated transportation, ware-housing etc.We had not set the stage ready for swallowingthese reforms. The retailers were not mentallyprepared for this competition. They were notgiven notice in advance. They are fearful thatcompetition with fear is not a proper competition.It is presumed that the foreign investors wouldinvest lavishly to make their shops attractive- theway potato chips in packets have become bothcostly and attractive. It would take time for Indianretailer to come to this position. Instead of givingthem incentives at the times of economic crisis thegovernment is pushing them to the wall. As saidearlier, the retailers in India are not Ambanis,Tatas, Birlas, Laxmi Chand Mittal and the like. Itis a poor lot. It needs to be trained in such market.If the retailers are given proper training andincentives it can compete in the market with thelargest production and also marketing style inIndia.I am a student of Economics & so is the PrimeMinister. The Prime Minister is entrenched inpolitics & encircled with politicians. His timingsof reforms are keeping with political expediency.He knows that pressure of the people would

reduce the potency of the medicine. But aresearcher is not a bargainer. Everyone wantsdevelopment for the country and the masses.

Accessed on 7 March 2012 athttp://www.onemint.com/2011/11/29/fdi-in-multi-brand-retail-is-great

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Sometimes, it is difficult to swallow a bitter pill &if taken, it may lead to unpredictableconsequences. Its potency must be bearable. Itmust be given not to save the doctor but thepatients. FDI in Retail is like an allopathic

medicineIt would deliver quick results & wouldnot work as hit & trial like Homeopath.

Government must go for Policy Mix to avoid itsside effects. It will require various changes ininternal policies also. The whole process must bemade socially & economically useful.

REFERENCES

[1] Dutta, Devangshu. 2011. FDI in Retail:More Heat than Light. [Newspaper articleonline]. Financial Express: FE Reflect,Saturday, 26 November. Accessed on 23March 2012 athttp://www.financialexpress.com/news/more-heat-than-light/880586/

[2] Dikshit Anand,"The UneasyCompromise - Indian Retail". The

Wall Street Journal August 12, 2011.

[3] FDI: Issues in emerging economies,by K.Seehapathi

[4] FDI in Retail sector in India, by ArpitaMukherjee

[5] Government of India. 2010. Issue ofDiscussion Paper on Foreign DirectInvestment (FDI) in Multi-Brand

Retail Trading. Department of

Industrial Policy and Promotion,

Ministry of Commerce & Industry.

[6] Guruswamy,and Korah, Thomas J.2005. FDI in Indias Retail Sector:

More Bad than Good, Economic and

Political Weekly. Vol. 40, no. 7: 619-

623.

[7] International Monetary Fund,Balance of Payments Manual,

Washington, DC, 1977.

[8] Proposed policy on FDI in Multi-brandRetail.para 6.2.16.5 of press note 5(2012series), Government of India.

[9] Singh, Sukhpal. 2011. FDI in Retail:Misplaced Expectations and Half-

truths.Economic and Political

Weekly. Vol. XLVI, no.51: 13-16.

[10]World Investment Prospects Survey2009-2011

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