-Reuters
Commerce minister Anand Sharma said on Friday that the government’s new policy to allow foreign supermarkets into the country would create 10 million jobs over three years, while not affecting smaller, domestic retailers.
The government on Thursday approved 51 percent foreign direct investment in the supermarket sector, paving the entry of firms such as Wal-Mart, Tesco and Carrefour into one of the world’s largest untapped markets.
The government will have the first right to procure farm products in its new policy allowing foreign supermarkets in India, the trade minister said.
Anand Sharma also said fresh agricultural produce may be sold unbranded in foreign supermarket policy.