Reforms by New Delhi have opened up its retail industry to foreign direct investment . . . this will allow foreign retail chains access to India’s $450 billion retail market . . . retail companies will be allowed to own a majority 51% stake in joint operations with a local partner while single-brand retailers can own a 100% stake . . . however, foreign retail chain stores may only be established in cities with more than one million people . . . Prime Minister Manmohan Singh refused growing demands from the opposition to overturn the reforms that were passed by the governing United Progressive Alliance (UPA) party . . . the reforms may be significant step to help address India’s economic troubles . . . foreign retailers could help reduce food waste through practices including proper refrigeration and the development of efficient supply chains . . . currently 30-40 percent of fresh produce is wasted in India . . . in addition, the increased choice and cheaper products will help reduce an inflation rate that has remained above nine percent since 2010 . . . India’s Commerce and Industry Minister Anand Sharma estimates that 10 million new jobs can be created in the next three years alone if the retail industry reforms are carried out.