Consensus building on FDI in retail, says Sharma.

Commerce and Industry Minister Anand Sharma sees a political consensus building over allowing foreign direct investment in multi-brand retail in the next few days.

Talks are going on in the government to push some of the most urgent reforms once the presidential elections are over. Senior officials are of the view that the FDI in multi-brand retail could be first among them.

“I am confident that the coming weeks will see the emergence of political consensus on liberalising FDI in multi-brand retail which will open immense opportunities," an official statement quoting Sharma said. The inister said this in Russia, where he is on a two-day visit in connection with India-Russia Business Dialogue.

The long-pending reform, which is considered to be fetching the much needed dollars to India, has been stuck due to protests from Opposition parties and UPA ally Trinamool Congress. But the Department of Industrial Policy and Promotion (DIPP) has re-started wider consultations with stakeholders, including farmers, consumers and the food processing industry on the issue.

Last week, the US pitched for India opening up its lucrative multi-brand retail for foreign investors.

Source : deccanherald.com