Swadeshi, circa 2012

Vayalar Ravi, the new minister for micro, small and medium enterprises, thundered last week that rules will not be bent for IKEA, the Swedish retailer, if its entry could hit local small and tiny units. IKEA is ready to invest euro 1.5 billion (Rs 10,500 crore) in the country over the next 10 to 15 years, provided the government relaxes some of the rules related to foreign investment in single-brand retail. 

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