Will decide on opening multi-brand retail to FDI: Sharma
August 3rd, 2011 - 6:06 pm ICT by IANSNew Delhi, Aug 3 (IANS) The government Wednesday said it will take an “early, appropriate and correct” policy decision on allowing foreign direct investment (FDI) in multi-brand retail after it gets the recommendations of an official panel.
Answering queries from members in the Rajya Sabha, Commerce and Industry Minister Anand Sharma said total retail business in the country was to the tune of Rs.16 lakh crore and it employs about 35 million people.
He said 96 percent of the people in retail trade were in the unorganised sector.
“The government will take a considered view in national interest,” he said.
The minister said a group of secretaries headed by the cabinet secretary had last month made specific recommendations on the issue of opening multi-brand retail to FDI but the minutes of the meeting had not reached him.
He said the recommendations included that 50 percent of jobs should go to rural areas and the entities with FDI should source at least 30 percent of their requirements from the MSME (micro, small and medium enterprises) sector.
Sharma said India was the second largest producer of foodgrains and fruits and vegetables and there was need to significantly reduce post-harvest losses.
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- Uproar in Rajya Sabha over FDI decision, house adjourned - Nov 25, 2011
- Recall of retail FDI regressive, disappointing: India Inc (Roundup) - Dec 07, 2011
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- Industry feels let down with recall of FDI in retail - Dec 07, 2011
- 30 percent sourcing from Indian SMEs, says government - Nov 28, 2011
- FDI in multi-brand retail will help curb inflation: Basu - May 27, 2011
- Economic survey bats for FDI in multi-brand retail - Mar 15, 2012
- Finance ministry okays FDI in multi-brand retail - Nov 17, 2011
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Tags: anand sharma, cabinet secretary, crore, foodgrains, foreign direct investment, fruits and vegetables, harvest losses, industry minister, lakh, minutes of the meeting, national interest, New Delhi, policy decision, rajya sabha, retail business, retail trade, rural areas, secretaries, small and medium enterprises, unorganised sector