Foreigners want hike in cap for retail investment: govt

The government today said it has received suggestions from several investors from countries like the US, France and Germany to further open up the single-brand retail sector.

"Suggestions in this regard have been received from stakeholders and potential investors from a number of countries, including the USA, France, Sweden and Germany," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Rajya Sabha.

Scindia said since opening up of this sector in February, 2006, 60 investment proposals have been approved.

The existing policy allows for 51% foreign direct investment in the single-brand retail trade.

Several of the big global retail chains are keenly waiting to make an entry into India's retail sector, which is estimated to be worth $590 billion.

In another reply, the minister said that India and Pakistan have agreed to jointly work to more than double bilateral trade within three years from the current level of $2.7 billion per annum to about $6 billion.

In another reply, he said exports to some countries (11) with low or nominal tax rates increased to $251.13 billion in 2010-11 from $83.53 billion in 2004-05.

India's exports to countries like the Bahamas, Mauritius, Panama and Switzerland went up to $2.17 billion, $801.56 million, $117.84 million and $677.56 million, respectively, in 2010-11 from $5.55 million, $258.2 million, $55.95 million, $540.89 million in 2004-05.