Manmohan Singh

New Delhi, India -- A Tuesday report by Bloomberg said that the Indian government has ratified a Nov. 24 cabinet decision to raise the ownership limit to 100% from 51%, which will allow foreign single-brand retailers to open stores in the world’s second-most populous nation without local partners. The caveat is that the companies will need to buy 30% of the value of products sold from domestic small and cottage industries. According to Bloomberg, the decision is the first major change to Indian foreign ownership rules in more than five years after Prime Minister Manmohan Singh last month reversed