India considering proposal from Swedish firm Ikea: Sharma

October 28th, 2010 - 10:26 pm ICT by IANS  

Manmohan Singh By Minu Jain
Hanoi, Oct 28 (IANS) India is looking at a proposal to allow foreign equity in the multi-brand retail industry, including a proposal from Swedish home furnishing giant Ikea for 100 percent venture in the country, Commerce Minister Anand Sharma said Thursday.

India allows FDI (Foreign Direct Investment) in single brand retail up to 51 percent but has been under pressure from retailers to allow for higher quantum of FDI.

A consultation paper on the issue has been placed in the public domain, Sharma said, adding that the government was taking the opinion of farmers cooperatives, industry associations and the like.

“I believe in a policy that is inclusive and transparent,” the minister told reporters, as he arrived here accompanying Prime Minister Manmohan Singh on the last leg of a three-nation tour.

On defence FDI, Sharma said consultations were on in the defence ministry to raise FDI from 26 percent to 49 percent.

“Whatever we agree on, will also be on a case to case basis,” he said, adding that there was a misconception that Defence Minister A.K. Antony was opposed to the proposal.

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