As India seeks to open up FDI in retail, a look at how the decision can impact the Indian economy
Ending months of perceived policy paralysis, the UPA government finally bit the bullet and pushed ahead with the boldest reforms yet by allowing 51 percent foreign investment in multi-brand retail - and opening the aviation sector - triggering expected outrage among some of its allies as well as the opposition.
The government clarified that states which did not favour 51 percent FDI in multi-brand retail - which opens up India's estimated $450 billion retail market to foreign supermarkets like Walmart and Carrefour - were free to not implement the policy.
The move comes at a time when the government's reputation has been battered by a host of alleged scams and Prime Minister Manmohan Singh's reputation as a reformer has taken a dent, with a leading US daily portraying him as "a tragic figure" and Time magazine describing him as "an underachiever". Manmohan Singh was the prime mover behind this audacious but politically fraught decision.
Whatever be the implications of this decision by the government, we bring to you India's tryst with retail FDI in pictures