India to allow FDI in multi-brand retail very soon: Sharma

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SME Times News Bureau | 26 Jun, 2012
Minister of Commerce, Industry and Textile, Anand Sharma Monday expressed his confidence that his government will be able to evolve consensus on allowing foreign investment in multi-brand retail "very soon'.

Sharma stated this while giving assurence to the global investors at the Global India Business Meeting 2012 in Antwerp on Monday.

The Minister said, "We know that partisan politics delayed the implementation or notification (of FDI in multibrand retail). We had to press the pause button, but we have not pressed the reverse button."

Sharma, who is leading a two-day high-level business delegation to Belgium, said the government is in the process of liberalising foreign investment regime in the country.

Following strong protests from its key ally Trinamool Congress, the UPA government has suspended its decision to allow 51 percent FDI in the politically sensitive multi-brand retail sector.

The decision to open multi-brand retail to FDI was taken by the Cabinet, he said, adding "the decision stands and I can say with absolute clarity in my mind that the country and the government are committed to go forward. We do not believe in faltering".

He said that the decision was taken in the interest of farmers and consumers.

"We had made it very clear that we will have more consultations to arrive at a consensus. The government is engaged in that exercise. I have reached out to chief-ministers of non-Congress states," the visiting minister said.

The Minister had written letters to the Chief Ministers of Uttar Pradesh, Punjab and Odisha seeking their support on the issues. "We are a union of states and I ensure that spirit of the constitution is respected.

Sharma, while delivering his keynote address at the Business meet assured investors of the welcoming investment climate in India and shared the steps taken by the Government for liberalizing the foreign investment regime.

In particular, he impressed upon the foreign investment in retail sector, where the policy for 100 percent FDI in single brand retail has already been rolled out and several global majors have already firmed up investment plans.