Foreign retailers looking to create ventures in the Indian market will hear good news today. The government of India announced that its requirements for foreign retailers have been modified for easier access to local supermarkets.

This was part of the country's campaign to lure in more global investments from chains such as Tesco Plc and Wal-Mart Stores Inc. According to research, India is the third largest economy in the whole of Asia.

According to Commerce Minister Anand Sharma in a press conference last night, previous rules regarding infrastructure investments, sourcing, and building permits have been edited in favor of foreign investors.

Analysts have been worried about the decline of the local currency and the swelling current-account debts. Foreign direct investments will help in recovering from these two problems, analysts explained. Last September, the government of India allowed foreign investors to own a major stake in local companies. However, not a single company decided to seek out such license.