'Govt to take next step on FDI in retail at appropriate time'

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SME Times News Bureau | 04 Aug, 2012
Union Minister of Commerce, Industry & Textiles, Anand Sharma Friday said that the Centre will take the "next step" on allowing FDI in retail sector at an appropriate time.

"We have been in democratic spirit working very openly and sincerely in strengthening the consensus. Each states has its own view. At the appropriate time, the Government will take the next step," Sharma told reporters on the sidelines of an event organised by CII in Colombo, Sri Lanka.

"We have taken a in-principle decision on FDI (foreign direct investment) in multi brand retail also . . . we believe creation of an integrated value chain will address post harvest management problems," he said.

He added that investment in creating the infrastructure, food processing and cold chains will create jobs, benefit farmers and help positively transform the agrarian economy.

In November last year, the Centre announced its decision to allow 51 per cent FDI in multi-brand retail, but later it rolled back the implementation after strong protests from various parties including key UPA-ally Trinamool Congress.

Assam Chief Minister and Congress leader Tarun Gogoi later criticised Trinamool Congress chief Mamata Banerjee for her opposition to the policy.

Recently, the UPA-supporting Samajwadi Party, JD-U President Sharad Yadav, Bihar Chief Minister Nitish Kumar and the ruling Shiromani Akali Dal in Punjab also opposed the decision.