Millennium Post

6 single-brand retail FDI pleas now with Govt for approval

6 single-brand retail FDI pleas now with Govt for approval
In January 2012, India raised the FDI cap in single-brand retail to 100 per cent from 51 per cent. Around 18 proposals worth $173 million were approved between April 2010 and May 2013, as per the government data.

"At present, six proposals for investment in single-brand retail trading are under process for government approval," Minister of State for Food and Consumer Affairs Raosaheb Patil Danve said in a written reply to the Lok Sabha.

The Department of Industrial Policy and Promotion is implementing the FDI policy and the receipt of investment in single brand retail is a continuous process, he said. He was replying to a question on whether FDI proposals in single-brand retail are pending with the government.

To a separate question on FDI in multi-brand retail trade, the minister said: "The government has not taken any decision on FDI in multi-brand retail. At present, no application for investment in multi-brand retail trading is pending."

As per the current policy, 51 per cent FDI is permitted in multi-brand retail trading. When the UPA-led government announced the policy, BJP had strongly opposed it.

There has been speculations however that the government would not roll back the policy and leave it to the states to implement it.
PTI

PTI

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