India’s government faced a full-scale parliamentary revolt on Monday against its decision to open the country’s retail sector to foreign companies as opponents expressed fears for small traders and employment.
The ferocious political opposition to the liberalisation highlights how difficult it has become to enact economic reforms to boost investment and growth in Asia’s third-largest economy.
The furore, and threat of an embarrassing policy reversal, might deter multinational retailers from announcing their investment plans for India. Ikea, the unlisted Swedish furniture group, was expected to be the first such retailer to announce a significant investment in India on Wednesday.
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