Govt may simplify retail FDI rules after a meeting on June 27

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SME Times News Bureau | 17 Jun, 2013
The Government is likely to come up with clarification and simplification of FDI guidelines especially in multi-brand retail trading as the Commerce, Industry and Textiles Minister, Anand Sharma Sunday convened a high-level meeting to discuss matters relating to FDI policy on 27th June, informed the ministry sources Sunday.

"The minister has taken a decision to chair a Retail Round Table involving CEOs of Indian companies and foreign investors on 27th June 2013 to seek views on implementation issues and to address their concerns, if any," said the ministry.

"After the stakeholder consultation, an appropriate view will be taken on implementation related aspects. After the consultation, the Government is likely to come up with clarification and simplification of guidelines wherever required," it added.

Sharma for FDI cap hike in telecom, defence

Sharma will also be holding deliberations with Prime Minister, Ministers of Defence, Finance, and Telecom on the next step for opening the foreign investment in the defence and telecom sectors.

Before leaving for a 10-day visit for Helsinki, St Petersburg, Belfast and London, Sharma Monday told media, "I am strongly in favour of raising the cap in telecom sector. I have discussed this with Telecom and Finance ministers and once we have the proposal, we will move the Cabinet for raising the cap to 100 per cent, and also for FDI in defence because we want defence manufacturing to be here (in India)."

"This is an area of high-priority given its potential for enhancing capabilities of manufacturing and technology transfer in India," he added.

He will meet global retailers and address their concerns and ensure all help in setting up stores in India.

Sharma has also indicated that his Department will soon move Cabinet for further liberalization in other sectors which hold potential for FDI inflows.

He has also given direction to his officials that appropriate hand-holding support be given for all foreign investors in order to facilitate foreign investment.