No plan to change FDI norms in retail sector: Govt

Last Updated: Friday, November 6, 2009 - 21:54

New Delhi: The government on Friday said there is
no plan to change existing FDI rules in retail, a day after
Chairman of the world`s largest retailer Wal-Mart Inc met the
Prime Minister and reportedly pressed to open up the sector.

"This is not the time for us to re-visit the matter (of
FDI in retail). Those who have invested and come (to the
country) are happy and hopeful (about) expanding in future,"
Commerce and Industry Minister Anand Sharma told reporters
here.
He was responding to query on reports of Wal-Mart
chief S Robson Walton meeting Prime Minister Manmohan Singh
yesterday and asking India to relax norms for investment by
foreign players in the country`s retail sector.

The government currently allows 51 per cent FDI in single
brand retailing, while foreign players are not allowed to
invest in multi-brand retailing.

Regarding Walton`s meeting with the Prime Minister,
Sharma, said: "Speculations should be better avoided... He
(Walton) did call upon the Prime Minister."

Walton had also met Sharma during his stay in the capital.
Sharma said Walton had informed him that Wal-Mart was
happy with its the back-end chain operations in India and
planned to open more stores.

Wal-Mart has a cash-and-carry joint venture with the
Bharti Group and runs the `Best Price Modern` stores.

Bureau Report



First Published: Friday, November 6, 2009 - 21:54

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