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The Government is considering raising the 51 per cent cap on foreign direct investment (FDI) in single brand retail, the Commerce, Industry and Textiles Minister, Mr Anand Sharma, said on Monday.
He was speaking at a meeting on India-Italy Cooperation organised by FICCI.
Countries such as Italy, UK and France are keen to get greater access to India's retail market.
Noting that trade between India and Italy last year stood at $8.50 billion, Mr Sharma said the data till August 2011 “show an impressive growth and reflect optimism, yet it doesn't reflect our true potential which is far greater.”
Mr Paolo Romani, Minister for Economic Development, Italy also addressed the gathering.
An MoU was signed between the two countries which envisages that the India-Italy Business Forum will foster cooperation between the two countries in sectors such as automotive, infrastructure, agro-food and agro-industry, textile and leather, pharmaceuticals, design, tourism, manufacturing, ICT and higher education.
It will also actively seek to promote business interactions between SMEs of both countries, an official statement said.
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