Wednesday, January 11, 2012
Other analysts said brands like Adidas
In December, it said it planned to allow burberry bags in foreign supermarket chains such as Wal-Mart, but it backtracked two weeks later amid parliamentary opposition and protests from small shopkeepers.
Major Western brands such as Adidas already own shops in the booming retail centres and shopping malls of major cities, but they are currently obliged to operate with a local partner.
"Foreign direct investment (FDI) up to 100 per cent, under the government approval route, would be permitted in single brand product retail trading," the Department of Industrial Policy and Promotion (DIPP) said late Tuesday.
The condition is that the foreign companies owning more than 51 percent of their shops in India source a minimum of 30 percent of their products from small-scale local "cottage industry" suppliers.
"The move will not only mean more FDI but lead to employment and also lead to more choices for consumers," the secretary general of business lobby group FICCI, Rajiv Kumar, said in a statement.
"The sourcing clause will lead to a direct benefit for the SME (small and medium-sized enterprises) sector," he added.
But Arvind Singhal, chairman of Gurgaon-based retail consultancy Technopak, told AFP he was sceptical that foreign companies would be rushing to open 100-percent owned stories because of the local supplier condition.
"This is an unfeasible demand. If a foreign brand like cheap burberry for women and kids Ikea comes to India they want their own suppliers, who are very efficient," he said.
The insistence that the suppliers be small in scale also limits the options of large companies such as Ikea.
"If they come here and do find good local suppliers, what happens when those suppliers soon become too big to be included? This means that the reform will not mean very much," he said.
The change to the foreign direct investment rule does not require parliamentary approval. The government U-turn on allowing in supermarkets was forced after an ally in the ruling coalition threatened to quit over the move.
"I wonder about the government's real intention to reform the retail sector," Singhal said. "On this thinking, multi-brand supermarkets will never be allowed here."
Other analysts said brands like Adidas, Louis Vuitton or Gucci, which are already in India, might look to expand their presence, while others would be unlikely to jump in with a 100-percent owned store.
In a posting titled "FREE Saudi's Credit Cards!" the hacker listed the names, email addresses, phone numbers and numbers of 217 cards, of which more than 160 appeared to have expiry dates that were still valid.
The hacker used the nickname "0xOmer" -- an almost identical name to that of the Saudi hacker who exposed the Israeli card details -- and identified himself as "Omer Cohen from Israel."
But in a Twitter posting, he refused to expose the cards' security codes, or CVC numbers, saying the aim was just to "alert."
Last week, a hacker who claimed to be from Saudi Arabia posted details of thousands of Israeli credit cards online in two separate incidents, and reportedly infected those following the hack with a Trojan horse virus.
In the first incident, the perpetrator, who identified himself as "0xOmar" from group-xp, said he had posted details of 400,000 cards online.
Three days later, he said he had published another 11,000 card details but it turned out to be malware that infected anyone who downloaded the information.
Israel's main credit card companies said only about 20,000 cheap burberry outlet 2012 valid cards had been affected.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment