'FDI in multi-brand retail not now; but will be in calibrated manner'

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SME Times News Bureau | 28 May, 2014
The new government will deal with foreign direct investment (FDI) in a calibrated manner and there is no "blanket approach", Minister of State Nirmala Sitharaman, who hold independent charge of the commerce and industry ministry, said Tuesday.

"The way in which medium and small sized retailers and small farmers have not been adequately empowered that immediately if you open up the flood gate of FDI in multi-brand retail, it may affect them," she added.

However, she clarified that the government has no blanket approach to the foreign investments and it would be allowed selectively in a "calibrated fashion".

Taking to reporters after assuming charge at Udyog Bhawan in New Delhi, Sitharaman said she would try to push forward the promises made by Bharatiya Janata Party (BJP) in its election manifesto regarding the FDI in multi-brand retail.

In its manifesto, the BJP promised it would not allow FDI in multi-brand retail as allowed by the Congress party-led United Progressive Alliance government.

"At this stage, the party's position is very very clear, we have explained about FDI in multi-brand retail that probably it is not best opened up now," Sitharaman said.

In the newly sworn-in Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government, Sitharaman also holds minister of state portfolios of finance and corporate affairs.