Allowing foreign players in areas like retail and auditing services is expected to get a leg-up, with the commerce and industry ministry working on an aggressive proposal, as part of India's revised offer to the World Trade Organisation. Officials have been quoted as saying that the ministry will soon circulate a revised draft, which will seek to open areas like retail, legal and accounting services to foreign firms.

The government did not include retail services in its initial offer in December 2003. This time, however, the ministry is keen to make offers under distribution, which include wholesale, commission agents and retail services. The ministry had mandated the Indian Council for Research on International Economic Relations (ICRIER), to make suggestions on the opening up of the retail sector.

India, in its initial offer, had included accounting and book keeping services but had excluded auditing services. This time the commerce ministry is mooting the idea of allowing foreign firms to undertake auditing services in India. This will require an amendment to the Indian Companies Act.

At present, foreign firms are not allowed to undertake auditing work in India. Auditing of Indian companies, including banks and insurance companies, can only be done by a chartered accountant or a firm of chartered accountants registered with the Institute of Chartered Accountants of India.

India's initial offer had envisaged greater commitments in engineering, computer and related services, telecommunications, construction and related engineering services, financial services, hospital services and tourism and travel related services. The initial offers do not have a legal status, but indicate the direction in which a country is willing to liberalise. The offers can be withdrawn or amended at any time.