“The group that represents luxury- goods companies and other creative businesses in Europe called on India to reduce duties on their products by more than half.

A “significant” cut in duty from more than 34 percent is necessary for full foreign ownership of single-brand stores to be effective, the European Cultural and Creative Industries Alliance, or ECCI, said today in a statement. India decided yesterday to allow foreign companies to own 100 percent of their main stores in the country, up from a prior limit of 51 percent.”

Bloomberg.com has the full story.