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ASSOCHAM against entry of 100% FDI in retail
27 May '10
1 min read
The Associated Chambers of Commerce and Industry of India (ASSOCHAM), opposes entry of 100 percent foreign direct investment (FDI) in the multi-brand retail sector in a single attempt. Instead of this, the sector should open up gradually, opined the chamber. Swati Piramal, President ASSOCHAM stated that, such a step would create adverse consequences.
The chamber further stated that, it is essential to consult the domestic industry before announcing any policy. It was also suggested that, the entry of foreign mega malls into the country should be finalized by the chamber, following the discussion with local industry.
Currently, there is a ban on FDI in multi-brand retail and a 51 percent cap on FDI in single-brand retail. A discussion paper on this issue would soon be presented by the Department of Industrial Policy and Promotion.
The chamber further stated that, it is essential to consult the domestic industry before announcing any policy. It was also suggested that, the entry of foreign mega malls into the country should be finalized by the chamber, following the discussion with local industry.
Currently, there is a ban on FDI in multi-brand retail and a 51 percent cap on FDI in single-brand retail. A discussion paper on this issue would soon be presented by the Department of Industrial Policy and Promotion.
Fibre2Fashion News Desk - India
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