Dikshit wants debate on foreign equity in retail

July 24th, 2010 - 8:21 pm ICT by IANS  

New Delhi, July 24 (IANS) The federal government should hold a wider debate among all stakeholders on the issue of foreign investment in the country’s retail trade industry before firming up any decision, Delhi Chief Minister Sheila Dikshit said Saturday.
“We have around 87 percent of the labour force in the informal sector, which includes persons engaged in various forms of retail activities, all across the country,” the chief minister said.

“There is a need to deliberate on this policy before any conclusion is drawn,” Dikshit told the 55th meeting of the National Development Council (NDC), the top policy forum in the country.

Her remarks came against the backdrop of the commerce and industry ministry releasing a discussion paper on foreign direct investment in the retail trade business in the country, given the sensitivities involved.

At present, the government allows 51 percent foreign equity in single-brand retail trade and 100 percent such investment in cash-and-carry, or wholesale, business. Foreign firms in logistics and warehousing can also bring 100 percent equity.

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