Govt not to tweak FDI rules in retail

Govt not to tweak FDI rules in retail

Says this is not the right time to revisit the matter

Anand Sharma“This is not the time for us to re-visit the matter (of FDI in retail). Those who have invested and come (to the country) are happy and hopeful (about) expanding in future,” Commerce & Industry Minister Anand Sharma told reporters here.

Walmart pressure

He was responding to query on reports of Wal-Mart Chief S Robson Walton meeting Prime Minister Manmohan Singh on Thursday and asking India to relax norms for investment by foreign players in the country’s retail sector. The government currently allows 51 per cent FDI in single brand retailing, while foreign players are not allowed to invest in multi-brand retailing. Regarding Walton’s meeting with the Prime Minister, Sharma, said: “Speculations should be better avoided... He (Walton) did call upon the Prime Minister.”

Walton had also met Sharma during his stay in the capital. Sharma said Walton had informed him that Wal-Mart was happy with its the back-end chain operations in India and planned to open more stores.

Wal-Mart has a cash-and-carry joint venture with the Bharti Group and runs the ‘Best Price Modern’ stores.