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Commerce minister rules out review of FDI norms for retail

Commerce minister rules out review of FDI norms for retail
PTI
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First Published: Tue, Jun 02 2009. 10 42 PM IST
Updated: Tue, Jun 02 2009. 10 42 PM IST
New Delhi: Ruling out any “review” of the foreign direct investment (FDI) policy, commerce and industry minister Anand Sharma said there are in built safeguards against FDI finding its way into multi-brand retail and breaching caps in broadcasting and defence production.
Sharma, who took charge of the nodal ministry for FDI on 29 May, said there is no need for a relook at the policy amended in February by the Department of Industrial Policy and Promotion (DIPP).
“At this stage, we don’t see that the time has come for any comprehensive review...it is too early in the day...we will see how the new policy is working,” Sharma said.
There are safeguards against FDI in sensitive sectors such as broadcasting and defence production, while the policy does not allow overseas investment in retail, he said.
He said there are “effective, inbuilt safeguards when it comes to the sectoral caps, particularly in those sectors which have been sensitive, and (going) by the new policy those areas remain protected...”
While the policy does not allow overseas investment into this sector, the changes in February were perceived to be opening the sector to such investments up to 49% in an Indian firm that has a downstream subsidiary firm in retailing.
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First Published: Tue, Jun 02 2009. 10 42 PM IST