No reversing decision on FDI in multi-brand retail: SharmaJuly 27th, 2012 - 8:24 pm ICT by IANS
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.
- Sharma seeks Punjab, Haryana's support for FDI in retail - Jul 18, 2012
- India allows FDI in multi-brand retail - Sep 14, 2012
- 'Efforts on to allow FDI in multi-brand retail' - Mar 16, 2012
- Only 4 states, UTs support FDI in retail: Government - Aug 08, 2012
- Recall of retail FDI regressive, disappointing: India Inc (Roundup) - Dec 07, 2011
- States have prerogative not to allow FDI in multi-brand retail: Government - Sep 18, 2012
- FDI in retail: Walmart and corner stores can co-exist - Sep 02, 2012
- Don't roll back reform measures: FICCI - Sep 19, 2012
- Don't roll back reforms under pressure: India Inc (Lead) - Sep 19, 2012
- Industry feels let down with recall of FDI in retail - Dec 07, 2011
- Foreign investment cap hike likely in single brand retail: Anand Sharma - Oct 31, 2011
- Trinamool to continue opposition to FDI in retail - Aug 10, 2012
- Nitish Kumar opposes FDI in retail - Jul 31, 2012
- BJP opposes FDI in multi-brand retail - Nov 24, 2011
- Anand Sharma writes to parties clarifying FDI stance - Nov 28, 2011
Tags: abeyance, american chamber of commerce, anand sharma, chancellor of the exchequer, economic reforms, fdi, foreign direct investment, george osborne, global corporations, indian government, indo american, industry minister, last november, liberalisation, nancy j powell, political consensus, progressive alliance, retail sector, uttar pradesh, varanasi