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India to ease sourcing rules for global retailers

India's Department of Industrial Policy and Promotion plans to ease the local sourcing requirements for global retailers operating in the country, The Economic Times (India) reported Oct. 11.

The current sourcing policy says such retailers with more than 51% ownership of their Indian units are required to use local sources for 30% of the value of goods purchased for their operations there.

However, a proposal being finalized by DIPP would allow any Indian sourcing used in retailers' worldwide operations, such as suppliers for apparel production, to be counted toward their local sourcing requirement.

This move reportedly comes after an earlier request to the Indian government by IKEA Group and H&M Hennes & Mauritz AB, which are both working to expand in India.

Indian commerce and industry minister Suresh Prabhu said the move would make it easier for such companies to do business in the country and also increase job growth, according to the report.