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Delhi, Manipur approve FDI in multi-brand retail
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Delhi, Manipur approve FDI in multi-brand retail
Monday, 13 August 2012
Last year, after the government approved 51 percent FDI in multi-brand retail, the Opposition and many other political parties including UPA’s own allies Trinmool Congress put the government’s efforts to open the multi-brand retail sector to foreign investment, in the cold-storage.
Later it was decided that the policy would be put on hold till it reaches a mutual consensus by all parties and states. Post it, the Department of Industrial Policy & Promotion, Government of India wrote to all the state governments on June 19, 2012 asking for support. Till date, the governments of NCT of Delhi, Manipur, and the union territories of Daman & Diu and Dadra and Nagar Haveli have sent a written communication indicating support for FDI in multi-brand retail trade.
As per extant policy, FDI, up to 100 per cent is permitted, with prior government approval, for single brand product retail trading. FDI is not permitted in multi brand retail. Data relating to single brand retail trade operations in the states is not centrally maintained. This information was given by the minister of state for commerce and industry, Jyotiraditya Scindia in a written reply in the Rajya Sabha.
Meanwhile the Congress leadership is planning to take another shy at opening multibrand retail to foreign chains. The UPA coordination committee is likely to be convened towards the end of the month specifically to smoothen the way for the long-pending liberalization move. The meeting is expected to be attended by Trinamool Congress chief Mamata Banerjee who has been a big hurdle in the government’s plans to let in foreign retailers. The coordination committee,comprising UPA constituents which are part of the government,is expected to meet once a month on the first Friday.
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