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    Anand Sharma says FDI in multi-brand retail will be allowed after wider political consultations

    Synopsis

    Sharma has assured UK that the cabinet decision to allow foreign direct investment in multi-brand retail will not be ``revisited’’ and will be implemented after building a wider political consensus on the issue.

    NEW DELHI: Commerce and industry minister Anand Sharma has assured the United Kingdom that the cabinet decision to allow foreign direct investment in multi-brand retail will not be ``revisited’’ and will be implemented after building a wider political consensus on the issue.

    "We are very clear that there is no revisiting on multi-brand retail. Government is trying to build a wider political consensus after which notification will be issued," Sharma said in a meeting with UK Chancellor of the Exchequer George Osborne in London on Thursday.

    Osborne asked India to be more ambitious in retail liberalisation. UK based shoe company Pavers has already applied for 100% FDI in single brand retail while there are others who are waiting for more clarity.

    India has allowed 100% FDI in single brand retail, but needs to clarify on the mandatory clause of sourcing 30% inputs from domestic small and medium sector.

    Sharma said implementation of the decision to allow 100% FDI in multi-brand retail will ultimately be a political decision. "We can't wait for unanimity, or we will wait forever. We have taken a decision, we are committed to it. We are trying to build a consensus until which it has been held in abeyance. It will be a political call," Sharma said.

    Mr Osborne also asked for an early and amicable solution to British telecom company Vodafone’s taxation problems.

    Sharma urged the UK government not to put any ``unreasonable’’ cap on movement of professionals as was being mulled. In his meeting with US British Secretary of State for business, innovation and skills Vince Cable, Sharma said that such a cap would affect the productivity of around 700 Indian companies which provide substantial employment in the UK.

    The minister pointed out that the bilateral trade and investment between the two nations was getting impacted by difficulties in obtaining visas.. He said the IT industry, in particular, was getting affected by such issues as delivery of services is dependent on movement of professionals at short notice.

    In April this year, the UK Government had stopped the facility of post study work visa to Indian and other non-EU students which earlier allowed them to work for two years after completion of their graduation or post-graduation.

    Sharma is in London to attend a global investors’ meet.
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    6 Comments on this Story

    Mukund Junnarkar3052 days ago
    Every one will agree only if demands of politicians from all the States are met. All have one simple demand. Fill our pockets too! So, solution would be to guarantee that all important politicians from all the States would get their share for saying "Yes, we want FDI." Every one has a price every where and Indians are no exception.
    Dr. K. U. Mada3052 days ago
    Mr. Anand Sharma seems to be a believer in relationship building which is so very essential in the modern setting. Within the country taking the lowest rung of the pyramid into confidence and the allies in coalition government is essential. So is trying to convince the opposition parties formally and informally. It is the art of convincing that matters the most. In this globalized world nothing could be achieved without convincing the foreign investors. Again, in FDI in multi-brand it is necessary to adhere to the proposed 30% sourcing from small and medium sector.
    mirage 3052 days ago
    *****Also FDI in retail will not benifit farmers.IF the govt really cared bout the farmers they would have prevented more than 180000 farmer suicides in india in the last decade.
    ****************************************************IF the govt really wants to help farmers to get good price for their produce the government should make available minimarket lands where farmers can bring their produce to the nearest city,town and sell it in these minimarkets on weekends.these minimarkets would be so much better than large retail chains.
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