FDI in retail: Sharma says pause cannot be too long
Updated on Sunday, January 29, 2012, 00:37 Print Email Bookmark and Share
FDI in retail: Sharma says pause cannot be too long
Davos: Asserting that FDI in retail will happen, Commerce and Industry Minister Anand Sharma on Saturday said the "pause" in implementation of the government`s decision cannot be "too long".

"The Cabinet took a considered view on retail FDI. We are not going to roll back the decision (on FDI in multi-brand retail). It is a just a pause.

"It will happen and the pause cannot be too long," he said at a panel discussion on `How Immune is India?` at the annual World Economic Forum meeting here.

He was replying to a query if the ongoing elections to five State Assemblies was delaying implementation of the government`s decision to open FDI in retail.

Following widespread opposition, including from its own allies, the government suspended its decision to allow 51 percent foreign direct investment (FDI) in multi-brand retail on November 24.

While the decision on FDI in the multi-brand sector has been suspended, the government has gone ahead with increasing foreign investment level in single brand retail to 100 percent from the earlier 51 percent.

Despite a setback on the politically-sensitive issue, the Congress-led UPA government has renewed its efforts to forge a consensus on opening the doors to global retailers in multi-brand retail, estimated to be a about USD 550 billion market.

PTI
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