India approves foreign investment in e-commerce sector

Strategic hire: Flipkart has hired Google executive Surojit Chatterjee to head consumer experience across desktop and mobile.

MUMBAI: India approved 100% foreign investment in marketplace e-commerce companies, formalising rules for the first time for the multi-billion dollar sector. 

After years of protectionist policies, India started opening up its retail sector in 2011 but so far had not laid down explicit rules governing foreign investment in the fast-growing e-commerce segment.