The funny thing about foreign money

The Cabinet has agreed to the suggestion of the Department of Industrial Policy and Promotion or DIPP to allow companies like Walmart and Tesco to set up shop in the country. These companies could earlier invest only in the cash-and-carry segment — they could sell to retailers but not to customers directly. To ensure that small retailers aren’t driven out of business, foreign retailers will be allowed to operate only in cities with a population of a million and above — there are 53 such cities in the country.

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