India to lift restrictions on IKEA's product range - report

Tags: News
IKEA will be permitted to sell non-furniture items and run cafes in India, Commerce and Industry Minister Anand Sharma was reported as saying, removing a sticking point on the Swedish retailer's plans to enter the country.

"IKEA's proposal based on its global model, which includes cafeterias, will be approved," Sharma was quoted as saying by the Financial Express newspaper on Thursday.

The finance ministry had previously ruled that the world's largest furniture maker would not be allowed to sell items including textile products and office supplies, as it does in other markets, according to recent media reports.

The government has presented IKEA's long-mooted entry into India's retail market as a sign that foreign investors have kept faith with Asia's third-largest economy, at a time when GDP growth in the country has declined.

IKEA could not be immediately reached for comment by Reuters.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The sudden crisis in oil exporting economies offers India big opportunity

    The unprecedented 6.5 per cent single-day hike in Russian interest rates on Tuesday and the subsequent devaluation of the ruble from 60 to the dollar

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

Why do we shoot, load and then aim?

There is a joke about what Indians would do in ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Dharmendra Khandal

Protecting jungle cats is vital

In what can only be called a cat night, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture