Anand Sharma confident of implementing FDI in multi-brand retail Close.

 NEW DELHI: Commerce and Industry Minister Anand Sharma today said FDI in multi-brand retail will be implemented in a phased manner.

"The government has consciously taken a number of measures in the FDI regime. The FDI policy in multi-brand retail will see a calibrated liberalisation in the coming months," Sharma said here.

While giving the inaugural speech at the international food and hospitality fair 'Aahar 2012' here today, he invited foreign investors to help build the country's back-end infrastructure for food storage and safety.

"There are huge weaknesses in the entire food value-chain infrastructure in absence of adequate cold chain facilities, storages and transportation facilities. We would welcome foreign investors to partner with us," he said.

The policy to allow FDI in multi-brand retail, which would have allowed global retailers like Walmart, Tesco and Carrefour to open outlets in India, was put on hold by the government in the wake of strong objection from the opposition BJP and UPA's key allies, including Trinamool Congress.

Under the present policy, foreign investments in the backward infrastructure is allowed up to 100 per cent up to the cash and carry level.

The 27th edition of the Aahar festival will exhibit food processing and packaging technologies from over 24 countries including Thailand, Vietnam, Japan and the US.

Aahar 2012 would be a huge opportunity for local and international businessmen for exploring joint ventures, technology transfers and collaborations, Sharma added.

Source : economictimes.indiatimes.com