New Delhi, January 25:

India’s federal cabinet approved major reforms in foreign investment, including opening its vast retail market to single brands such as Nike, the media reported today.

“This is the first time, in 15 years that the whole FDI (foreign direct investment) policy has been reviewed in an integrated manner to remove anomalies and inconsistencies,” trade minister Kamal Nath said. He said that the government move to allow 51 per cent foreign investment in retail stores for single-brand name products will create jobs, rather than adversely affect employment among small store owners.

Nath said the new policy would allow firms like sports shoe makers Ree-bok and Nike to have majority ownership of their Indian chains.