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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India debates foreign investment in retail sector AFP - Wednesday, July 7 Send IM Story Print India debates foreign investment in retail sector Slideshow: Full Photo Coverage: Business & Economy NEW DELHI (AFP) - – India kicked off a public debate Tuesday on opening up the country's giant retail sector to foreign investors, a move which has been strongly opposed by the nation's millions of small family-run stores. The Congress-led government sought public comment on permitting foreign direct investment (FDI) in multi-brand retail, a reform seen as one of the key measures for India to open up its economy. Foreign investment may be an "efficient means" of addressing problems besetting the sector, the industry ministry said in discussion paper. The reform could be key to easing stubborn supply chain bottlenecks that have fuelled double-digit inflation in the country of 1.2 billion people, government officials say. "Keeping in view the large requirement of funds for back-end infrastructure, there is a case for opening up of the retail sector to foreign investment," the commerce and industry ministry said in a discussion paper. At the same time, the ministry paper reassured small retail players that there would be safeguards for them. Giant retailers cannot expect to "have a cakewalk," the paper said. India's tight foreign investment rules allow no overseas chains in the retail sector -- except for single-brand outlets such as Nokia or Reebok -- to protect local retailers in the 500-billion-dollar retail sector. Entry of multinational retailers into India and the growth of domestic mass merchandisers have been steeped in controversy amid fears they could drive drive corner shops out of business. Foreign retail giants such as Wal-Mart, Britain's Tesco and French supermarket Carrefour have been pushing for a government green light that would fully open up the vast sector to foreign players. Foreign retailers want to sell directly to Indian customers as they develop new sales outlets in the face of saturated Western markets, and India, with its 1.2-billion-strong population, looms large in their aspirations. Analysts said the issuing of the discussion paper could be a sign that the government intends to liberalise the sector "The tone of the paper is a positive signal -- it is reflecting on the positive benefits of opening retail," Arvind Singhal, chairman of retail consultancy firm Technopak, told AFP. The ministry has sought comment from industry players and the public by July 31 on the politically sensitive issue. India's communist parties are staunchly opposed to full liberalisation of the sector. India could "develop its own model based on its own realities towards modernization of this sector," said Rajan Bharti Mittal, president of industry body FICCI. Mittal suggested the FDI cap could be 49 percent to 51 percent. The discussion paper proposed foreign retailers could be asked to ensure youth in rural areas, where unemployment is rampant, comprise at least half of their staff. It also suggested foreign retailers could be told to source a minimum percentage of products from small and medium-sized enterprises. 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