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India yet to get foreign inflows on approved retail cases

India yet to get foreign inflows on approved retail cases
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First Published: Tue, Aug 14 2007. 05 43 PM IST
Updated: Tue, Aug 14 2007. 05 43 PM IST
By PTI
New Delhi: The government said on 14 August the country is yet to receive any foreign inflow in single brand retail trade, even though 17 such proposals involving a total investment of $3.3 million (Rs13 crore) have been cleared.
“As per data provided by the Reserve Bank of India, no inflows have been received in single brand retail trade. Till date, 17 approvals involving an investment of $3.3 million have been granted,” Minister of State for Industry Ashwani Kumar said in a written reply in Lok Sabha.
The FDI policy for the sector, announced in February 2006, allows 51% foreign investment in single brand retailing. Kumar said the government remained committed to initiating suitable measures for safeguarding the legitimate interests of all sections of the society.
In a separate reply, Kumar said no patent on Basmati rice has been granted by the Patent Office. He said four patents relating to neem are owned by foreign entities, of which Spice Science Foundation, Neem Pharmeco and Rohm and Haas belong to the US and Trifolio M Gmbh belong to Germany.
Replying to another question, Minister of State for Commerce Jairam Ramesh said Tocklai Experimental Station in Assam had developed ‘tea tablets´ and ‘tea soft drinks´ out of tea extracts.
“Tea Board is keen to promote these products after seeing the feasibility for commercialisation in future,” he said.
He also said all state governments have been informed in June that the Board of Approval after 5 April would not approve any special economic zone where states have acquired or proposed to compulsory acquire land.
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First Published: Tue, Aug 14 2007. 05 43 PM IST