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Thursday, 15 December 2011 |
The government is not leaving any stone unturned to reach
a conclusive end on the FDI issue. To deal with the concerns raised by groups opposing opening up multi-brand retail to FDI, the industries ministry has now decided start a process of comprehensive consultation with stakeholders, including traders and farmers. It may be recalled that soon after Cabinet approved 51 per cent FDI in multi-brand retail, almost all political parties raised an alarm, demanding a complete roll-back. Post which government had to agree on keeping it on hold till the political consensus on the matter is reached.
The ministry has now decided to go a step further by taking stakeholders into confidence and also consider their suggestions to improve the policy, which may assist in eliminating the roadblocks. If the policy to allow 51 per cent foreign direct investment (FDI) in multi-brand retail wouldn’t have faced agitation, global retailers like Wal-Mart, Tesco and Carrefour would have begun the process to open outlets in India. There is a fear among traders and opposition parties that allowing foreign retailers in India would lead to unemployment for lakhs of people.
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