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States can put additional condition for FDI: Indian govt
12
Jun '13
The Indian Government has made it clear that states can impose additional condition on an investor willing to invest in the state through foreign direct investment (FDI) route in multi-brand retail trading (MBRT).
 
“FDI policy in MBRT is subject to the applicable State/Union Territory laws/ regulations. The state governments have the prerogative of imposing additional conditions accordingly,” the Ministry of Commerce and Industry said in a statement.
 
The statement answers the query whether the state government can put additional conditions on a foreign investor willing to set up a retail store in that state.
 
The statement says the Central Government has already notified the names of states that have opted for inclusion in the FDI Policy. It adds that any amendment in the policy falls under the domain of the Central Government, but state laws/regulations will apply.
 
It further clarifies that in case a foreign investor approaches a state government not included in the list of states supporting FDI in MBRT, consent from the state government would be sufficient, and a suitable amendment to the policy will be issued by the Central Government.
 
The current FDI Policy allows foreign retailers to operate only in cities with population of more than 1 million. For this purpose, the statement clarifies that Census 2011 data is the most authoritative source of population data, which is accepted by all the states, and no other data source or self-certification can be permissible.
 

Fibre2fashion News Desk - India


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