FDI in India's multi-brand retail soon: Minister (India)

The Government of India will soon try to evolve a political consensus on allowing foreign direct investment (FDI) in the country’s multi-brand retail sector, Minister of Commerce and Industry and Textiles, Mr. Anand Sharma, has said.

 

Addressing investors at the ‘Global India Business Meeting 2012’ in Antwerp, Belgium, the Minister said the implementation of FDI in multi-brand retail sector has been delayed due to lack of consensus among political parties.

 

He added that although the Government had pressed the pause button, it is committed to go forward on the issue.

 

He said the Government is currently in the process of liberalizing foreign investment regime in the country. 

 

The Minister informed that he had already approached Chief Ministers of non-Congress states on the issue and the Government has already begun consultations with other parties to arrive at a consensus.

 

He told the global investors that the policy for allowing 100 percent FDI in single-brand retail has already been implemented and many international brands have finalized their plans to invest in India.