1991 liberalisation retrospective puts multi-brand retail FDI on India’s unfinished-reforms list

A Business Today retrospective on India’s 1991 economic liberalisation flags further easing of foreign-investment restrictions in multi-brand retail among reforms still to be addressed. The article does not report a new policy decision or timeline.

— Filed Fri, 24 Jul, 2026, 13:15 IST · Source Business Today · Latest · Updated

A retrospective on India’s 1991 liberalisation highlights unfinished reforms, including further FDI liberalisation and lower restrictions on foreign investment in multi-brand retail, alongside GST expansion proposals affecting electricity, real estate and alcohol.

Why this matters

The retrospective adds retail FDI to India’s unresolved trade-and-regulation agenda, following its WTO defence of tariffs and quality controls and its takedown order targeting e-rickshaw battery-control apps.

Retail-company signals are accelerating, up 1,078,800% QoQ.