The government has approved five foreign direct investment proposals, including those by Oppo Mobiles India and Louis Vuitton Malletier, to open single-brand retail stores in the country. The move paves the way for them to sell directly to consumers in India.
The other foreign direct investment proposals approved were those by Chumbak Design, Daniel Wellington AB and Actoserba Active Wholesale Pvt. Ltd, the government announced on Twitter.
India allows foreign firms to sell directly to consumers through the so-called ‘single-brand retail’ route. The foreign direct investment into the country grew 9% in 2016-17.
Earlier, companies had to source 30% of the products locally. But, India moved to partially relax these conditions in 2016, exempting foreign retailers for three years from the 30% local sourcing rule in a bid to attract more investment.