Sourcing from MSMEs will benefit investors: Sharma

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SME Times News Bureau | 02 Feb, 2012
Local sourcing norms from micro, small and medium enterprises (MSMEs) on the single brand retail would benefit investors, said Union Minister of Commerce, Industry & Textiles Anand Sharma on Wednesday.

"Domestic sourcing norms in single brand retail is a well considered policy decision and sourcing from MSME from within the country is matter of experience which will tell us that sourcing will be rewarding for investor," said Sharma while addressing the 9th World CEO Sustainability Summit in New Delhi.

In January, the Centre notified that Foreign Direct Investment (FDI), up to 100 percent, under the government approval route, would be permitted in single brand product retail trading.

Answering to the query of India-EU FTA the Minister said, "India EU FTA are in the final stage, we had meeting with the EU in India and abroad we are nearer to the completion of the FTA."

On the issue of increasing exports to Iran so as to make payment to be settled by a barter system, Sharma said, "Trade has been healthy between the two countries and whatever is exportable has always been going. There has not been any restriction on Indian companies doing trade of commodities with that country".

In his address, the trade minister said India has made significant headway in ensuring sustainable development in the recent past, not only from the perspective of government policy but significantly, in terms of corporate leadership displayed in developing and supplying renewable energy in the country.

Sharma said that the Kyoto Protocol must be adhered and sincerely followed by all countries. "India has also taken voluntary domestic mitigation actions following the Copenhagen accord and it shall be our endeavour to reduce our emission intensity by 20-25% within this decade, compared to 2005 levels," he added.