has joined 11 other states and Union territories that have agreed to allow foreign direct investment in multi-brand retail.
"Karnataka has favoured the policy," Saurabh Chandra, secretary to the department of industrial policy and promotion, said here on Wednesday.
The BJP government had ruled out implementation of FDI in multi-brand retail. The Congress reversed this stance after assuming office in Karnataka.
Industry bodies have welcomed the decision, calling a step in the right direction. They are meeting CM Siddaramaiah on Thursday. But foodgrain wholesalers are unhappy; they say more than three lakh traders will be hit.
The Centre had last year permitted FDI up to 51% in multi-brand retail trading.
Earlier this month, Himachal Pradesh agreed to allow 51% FDI in the sector. Maharashtra, Andhra Pradesh, Haryana, Rajasthan and Manipur are among the states that have decided to implement the decision.
However, the government has so far not received any proposal for investment in multi-brand retail.
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