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The measure will allow foreign companies to own majority stakes in supermarkets and other big retailers for the first time. However, individual states would have the right to decide whether to let the retailers operate in their territory. Wal-Mart, British-based Tesco PLC, French-based retailer Carrefour and others had been eyeing India. Retail is the second-biggest industry sector, behind agriculture, in the nation of 1.2 billion people. Winning the vote would come as a major shot in the arm for Singh's beleaguered government, which has come under sharp criticism after a slew of corruption scandals over the past year. It would also affect the government's decision to bring in other longstanding financial reforms, including opening the insurance and pensions markets to foreign investors, both of which would require a vote in Parliament.
[Associated
Press;
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