'Hundreds of thousands of people who earn their livelihood from the 12 million existing retail outlets may be put out of business by Big Retail,' says Bhavdeep Kang.
Efforts are on to convince West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee to support FDI in multi-brand retail which is coming up for consideration of the Union Cabinet on Thursday evening.
The industry ministry has circulated a draft Cabinet note for allowing foreign direct investment in multi-brand retail, a move which will allay industry's concern over policy paralysis.
Britain and India have agreed to set up a joint tourism development forum to give a fillip to tourism in the two countries through a combined effort of the travel industry of both sides.
If you do not know much about Kasimbazar, I would not hold it against you; after all it has a population of only 10,000 and lies in one of the most neglected corners of the state of West Bengal.
In India, these global retailers exported goods worth $725 million in 2010. Modern retail constitutes 6.5 per cent of the $435-billion overall Indian retail market.
Walmart is happy with its current partnership with Bharti.
Domestic chains rejoice at Cabinet's in-principle nod to 51% cap, most of them call it a positive development.
India on Friday moved closer to a major economic reform, with a committee of secretaries (CoS) giving an approval in principle for allowing up to 51 per cent foreign direct investment in multi-brand retail.
The Nifty ended at 5650, up 23 points. The market breadth was positive. Out of 2964 stocks traded on the BSE, there were 1768 advancing stocks as against 1073 declines
Reliance Industries Ltd firm, Reliance Retail is making a top management rejig in its value format and will soon announce appointment of two ex-WalMart executives Rob Cissell and Shawn Gray to lead the operations.
Amid a debate within the government on allowing foreign direct investment in multi-brand retail, the nodal consumer affairs ministry is insisting on a foreign direct investment cap of 49 per cent in the sensitive sector, sources said.
The Sebi chief said the exchange board has taken a number of measures in recent past.
Journalist with Mumbai-based tabloid MiD DAY has been shot at. J Dey, the injured crime reporter is admitted to Mumbai's Hiranandani Hospital.
Jyoti Dey, known as J Dey in Mumbai's journalism circle, was one of the leading crime reporters in the city. He was shot dead by suspected members of the underworld near his residence at Powai on Saturday afternoon.
Reliance Retail, which started in 2006, runs over 1,000 stores across 86 cities.
According to the PwC report titled -- Value Added Service: The Next Wave -- it is now time for India to evolve from the well established mobile messaging and commoditised voice play to focus on customer segmentation based data play.
Almost eight months after Noel Tata stepped down as managing director of Trent, retail arm of the Tata Group, the company said it had appointed Philip Auld as chief executive officer.
"I don't think that it is government's view that the present inflation cannot be brought under control without FDI in multi-brand retail. We can bring inflation under control," Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
The gems and jewellery sector in India, consisting of a large number of small and medium enterprises (SMEs), has started to shine again, according to a survey conducted by IndiaMART Knowledge Services (previously known as IndiaMART Research Unit).
A city court on Friday extended the bail of the principal and three teachers of La Martiniere School in connection with the death of 13-year-old student Rouvanjit Rawla. The four accused, including principal Sunirmal Chakravarthy, appeared in the city sessions court of Chief Judge Dipak Saha Ray for confirmation of the bail earlier granted by the chief metropolitan magistrate's court. The other teachers were the head of middle school, L G Ganian, David Ryon and Partha Dutta.
Raheja-owned Hypercity plans its growth on the back of quality merchandise rather than cheaper price points.
WalMart International President and CEO Doug McMillon said in Davios that the Indian government's concerns over allowing foreign direct investment in multi-brand retail were misplaced.
According to sources, the government will have to allow a minimum of 51 per cent foreign direct investment (FDI) in the multi-brand retail, the same as was permitted in single brand retail.
The government is likely to announce significant policy measures relating to allowance of foreign direct investment (FDI) in the multi-brand retail segment, even as the Department of Industrial Policy and Promotion (Dipp) under the Ministry of Commerce and Industry is giving final touches to the draft report prepared by an inter-ministerial committee.
Shikha Kapur, senior vice-president (marketing), UTV Motion pictures said, "We have signed exclusive deals with 11 brands to co-promote the movie. While no money will be exchanged, the companies would undertake initiatives to market their brands along with the movie. The total net worth of the deals stand at over Rs 10 crore (Rs 10 billion)."
Dravida Munnetra Kazhagam Member of Parliament Kanimozhi on Thursday said her party will come out clean in the Central Bureau of Investigation's probe into the 2G spectrum issue and voiced confidence that the party's ties with the Congress will not come under strain on the issue. "The law has to take its own course. It is a process to prove us not guilty. Definitely we will come out clean," Kanimozhi, who is the daughter of DMK chief M Karunanidhi.
The principal and three teachers of La Martiniere School, facing charges of abetment to the suicide of 13-year-old student Rouvanjit Rawla, on Friday moved a higher court against the magisterial order for their trial.Claiming that the metropolitan judge of Bankshall Court had no jurisdiction to reframe charges, the teachers sought quashing of his order before Chief Sessions Court Judge Dipak Saha Roy.
There are four nodes and each of these, like Dronagiri, is also formally termed an SEZ, all part of the NMSEZ.
The German auto major is also set to double its current production capacity in Chennai to meet the growing demand.
Chennai-based electronics and consumer durables chain Viveks is the country's largest multi-product, multi-brand service centre. B A Kodandaraman, the 72-year-old chairman & managing director, knows it is after-sales service that will separate the men from the boys in the highly competitive retail sector, especially when big corporate houses are muscling their way into the segment.
By his own admission, the last 30 months have been one of the toughest in Thomas Varghese's 29-year career. The 50-year-old chief executive of Aditya Birla Retail, however, quickly adds that they have been 'very interesting and challenging too'.
The $31-billion company, which sources around 30 per cent of its global consumption from India, had also criticised the Indian government for not opening foreign direct investment in single brand retailing.
Seeking to give new impetus to the bilateral relations, India and Malaysia today formally announced firming up of Comprehensive Economic Cooperation Agreement (CECA) to boost trade and decided on a range of other engagements in various sectors, including defence.
Brazilian aircraft maker Embraer is betting big on the growing aviation markets in the smaller cities of India.
However, it could take 3 years before operators are out of the red, given the large investments and tariff wars.
This market has already overtaken the equity derivative market in terms of volume. With these instruments, it can set further growth, as the move will pave way for institutional investors' entry.
Beleaguered discount chain Vishal Retail on Monday said it would sell its retail trading business to Chennai-based Shriram Group, and the wholesale division to the private equity firm TPG, for a combined value of Rs 100 crore (Rs 1 billion).
Ivory Coast midfielder Cheik Tiote is close to signing a contract with English Premier League side Newcastle United, his Dutch club Twente Enschede said on their official website (www.fctwente.nl) on Saturday.
From sugar to car servicing firms, many companies, including Big Bazaar, Croma, Mahindra First Choice and Kaya Skin Clinic are offering discounts in a bid to ride on the festive fervour.
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