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E-mail ID will not be published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

  • This is right time for retail investors to enter the debt market

    Quite often, retail investors are ridiculed for entering the equities market in droves, signalling the first signs of a bubble on the Street.

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

Arun Nigavekar

Cost of education must be controlled

In India, we pay very little attention to the cost ...

Zehra Naqvi

What imperfections in nature teach man

Each one of us has faced a time when we ...

Dharmendra Khandal

A wondrous world under the ground

Burrows and dens are safe homes for many kinds of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture