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The Commerce and Industry Minister, Mr Anand Sharma, on Thursday said the Government is ready to “clarify” issues, if needed, on the policy for Foreign Direct Investment in single-brand retail.
However, he said the Swedish retail major IKEA, which had applied for entering single-brand retail, should not have any problems in complying with the 30 per cent local sourcing norm as it has already been sourcing more than 30 per cent of its entire textile range from India.
He said the Government will definitely come out with clarifications, if needed, on the policy as it is meant to attract investments and generate jobs so that the manufacturing is done here.
IKEA had expressed reservations over the norms that companies with over 51 per cent FDI should source at least 30 per cent of their requirements from small industries in India.
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