Govt working afresh on FDI in retail, says Pranab

The UPA government said on Friday that it was working afresh on FDI in retail and other sectors to bring about second generation reforms in the country.

“India’s plan to give foreign supermarkets access to its retail industry is very much on the government’s mind, it has not been shelved,” Finance Minister Pranab Mukherjee said at an event organised by the PHD Chamber of Commerce here.

 Earlier, under pressure from the Opposition and some of its own allies, the government was forced to withdraw its decision on opening up the  retail sector to foreign investors early this month.

Mukherjee said, the government was working for a consensus on FDI and other impending reforms such as pension bill. “We announced FDI in retail, but couldn’t implement it. The people gave us limited mandate, with which we cannot carry out sweeping reforms. But we haven’t shelved this policy. We’re building consensus on it and shall implement it when we achieve it,” the minister said.

Mukherjee also said the government was also trying to build consensus in other sectors like insurance and pension. He wanted to push the Pension Fund Regulatory and Development Authority (PFRDA) bill in the current winter session of parliament, but could not do so because of the lack of requisite numbers in the upper house.