No reversing decision on FDI in multi-brand retail: Sharma

July 27th, 2012 - 8:24 pm ICT by IANS  

Mamata Banerjee London, July 27 (IANS) The Indian government will notify allowing foreign direct investment (FDI) in multi-brand retail after building a wider political consensus and there is no question of “revisiting” the decision taken last November, Commerce and Industry Minister Anand Sharma said Friday.

“We are very clear that there is no revisiting on multi-brand retail. Government is trying to build a wider political consensus after which notification will be issued,” Sharma told George Osborne, Chancellor of the Exchequer, during a meeting here.

In November last year, the cabinet had taken a decision to allow up to 51 percent foreign direct investment in multi-brand retail. But the move has been kept in abeyance due to protests from opposition as well as some of the allies of the ruling United Progressive Alliance (UPA) government, especially Mamata Banerjee-led Trinamool Congress.

Indian as well as global corporations and governments of several countries, especially the US and European nations, have been pressing for opening the retail sector.

During the meeting, Osborne asked Indian government to be “more ambitious in retail liberalisation”.

US Ambassador to India Nancy J Powell Friday urged Indian government to open up retail sector saying it would help boost growth.

“For India to return to faster growth, new policies and economic reforms need to be put in place by the government in areas such as opening multi-brand retail up to foreign direct investment,” Powell said at an event organised by Indo-American Chamber of Commerce in Varanasi, Uttar Pradesh.

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