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Indian govt may further relax FDI rules in MBRT: Minister
17
Jun '13
Mr. Anand Sharma
Mr. Anand Sharma
The Government of India may further relax or simplify guidelines for foreign direct investment (FDI) in multi-brand retail trading (MBRT), Minister of Commerce and Industry and Textiles, Anand Sharma, has said.
 
The Indian Government opened doors for multi-brand retailers around nine months ago, allowing 51 percent investment through FDI route, but the policy has not received expected response from foreign retailers, who have so far stayed away. 
 
Last week, the Government issued some clarifications related to 30 percent sourcing and back-end infrastructure, but these too failed to generate any positive response from foreign retailers.
 
If the foreign retailers have any other issues in mind, the Indian Government is receptive and it would further bring clarity to the guidelines, because the objective of the policy is to attract FDI, Mr. Anand Sharma told reporters.
 
He was speaking to media a day before leaving on a 10-day trip to Helsinki, St Petersburg, Belfast and London, where he is scheduled to address investors.
 
Mr. Sharma said, on his return, he would be chairing a Retail Round Table on June 27, which would involve participation of CEOs of Indian companies as well as foreign investors. The Round Table would seek views of the participants on issues related to implementation of the FDI Policy and address their concerns, if any.
 
The Minister said that any proposal received by the Government for FDI in MDRT would be fast-tracked.
 

Fibre2fashion News Desk - India


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