“Let’s be very clear. What the DIPP (Department of Industrial Policy and Promotion) did was publish the existing policy and so far what was decided by the UPA is continuing, the fact that the BJP was never in favour of this decision is publicly known,” Jaitley said.
He was replying to a question on the DIPP in its FDI policy compendium stating that 51 per cent foreign direct investment was permitted in the multi-brand retail sector.
“If somebody asked me what is your view, I said BJP is never in favour of this,” he said.
Asked what is stopping the government to reverse the decision of the UPA government on the sector, he said: “Leave something for the government also.” On May 12, the DIPP retained the previous UPA government’s decision allowing foreign retailers to open multi-brand stores with 51 per cent ownership, in its consolidated FDI policy released.
Although the previous government had allowed Foreign Direct Investment (FDI) in multi-brand retail, only one investment proposal of the UK-based Tesco was cleared.
The BJP manifesto had said, “Barring the multi-brand retail sector, FDI will be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialised expertise.”
Jaitley also evaded giving a direct reply to a question on what the government’s response will be if a retailer was to submit an FDI proposal. “When it will come, I will (respond),” he said.
“I have replied what I have said, the DIPP circular has reproduced what is the existing policy. At the same time if somebody asked me what is your view, I would say the BJP is never in favour of this,” he added.
Realtors’ delegation meets FM, seeks package
A delegation of realtors’ body NAREDCO on Tuesday met FM Arun Jaitley to demand a special package to revive realty sector which include interest subvention on home loans and tax concessions on affordable housing projects. The delegation, led by NAREDCO president Sunil Mantri, placed before Finance Minister the important issues for his consideration which are necessary for the revival of Indian economy in general and real estate sector in particular, the association said in a statement. The real estate sector is facing a huge slowdown from last few years due to sky-rocketing property prices and <g data-gr-id="55">high interest</g> cost. Housing sales have been low, resulting into liquidity crunch and high debt to the developers. In the meeting, Mantri brought to the notice of Finance Minister that housing sector has been kept out of the Infrastructure definition, while water supply, sanitation, sewage, solid waste management, road etc which are part and parcel of a housing project are included in the definition.