Following recent liberalisation of foreign investment norms for the retail sector, global businesses have got the message that Indian government can take strong decisions, Commerce and Industry Minister Anand Sharma said here on Thursday.
Davos: Following recent liberalisation of foreign investment norms for the retail sector, global businesses have got the message that Indian government can take strong decisions, Commerce and Industry Minister Anand Sharma said here on Thursday.
"It (FDI in retail) has gone through after a historic debate in our Parliament and now it is a casting stone as both houses have voted on it. The message has also reached the global CEOs that we can take decisions and that too strong decisions," Sharma said.
He was participating in a session, 'Avoiding the BRIC Wall', at the annual World Economic Forum (WEF) meet here.
According to him, the FDI proposal in retail had got trapped "because of partisan politics of opposition and in bruising turf battles".
The government, among other economic reforms announced in the recent months, has allowed 51 percent FDI in multi-brand retail amid stiff opposition to the move.
On BRIC (Brazil, Russia, India and China) grouping, Sharma said these nations have the historic burden of the backwardness of poverty.
"But there is one thing I want to underline is the need to create jobs and we are doing everything to do that... My issue is that why the good things are not talked about and why only the negatives get highlighted," he said.
The session also saw the participation of Indonesian Trade Minister Gita Wirjawan, and Transparency International chair Huguette Labelle, Hong Kong-based First Eastern Investment Group's Chairman and CEO Victor Chu.
Regarding corruption issues, Sharma said it has existed in countries and societies for long and added it is wrong to only single out BRIC.
"In India we have an elected Parliament, we have a 24/7 media and the civil society, whistle blowers bill is there and if charges have been made people holding high offices have gone to jail. In BRIC bloc, every country has established a leading place in various segments of economy," he noted.
Sharma said that India not only has an aspirational society but it is also young and assertive.
"If we do good work, we will be elected back to the power and we are very proud to be liberal, democratic and aspirational," he added.