'66 single-brand retail proposals approved by Govt since 2006'

'66 single-brand retail proposals approved by Govt since 2006' New Delhi: The Foreign Investment Promotion Board (FIPB) has approved a total of 66 proposals pertaining to single-brand retailing since 2006.

In October, the board had cleared Pavers' proposal, making it the first 100 percent FDI proposal in single-brand retail to be cleared under the new policy.

The other 65 brands that got FIPB nod include clothing retailer Brooks Brothers and Italian jewellery brand Damiani, Minister of State for Commerce and Industry S Jagathrakshakan said in a written reply tabled in Lok Sabha yesterday.

The government has increased FDI cap to 100 percent in single brand retail this year from 51 percent, which was allowed in February 2006.

"No proposals has been received for FDI in multi-brand retail trading," Jagathrakshakan said.

In an another reply, the minister said reports with regard to ammonium nitrate missing from ports are not maintained centrally.

"On specific cases of violation of law and order, seizure of explosives, bomb blast etc, the reports are received from state law authorities/intelligence agencies from time to time," he said.

With frequent use of Ammonium Nitrate in terror strikes, the government has taken steps to curb misuse of the chemical.

"...No person shall undertake manufacture, conversion, stevedoring, import, export, transport or possess for sales or use of Ammonium Nitrate except as authorised or license under these rules," he added.

In an another reply, the minister said a proposal to declare National Institute of Design as an institution of national importance for the promotion of quality and excellence in education, research and training in all disciplines relating to design is under examination in the ministry.

PTI