01-19-2011, 10:30 AM
[url="http://www.hindu.com/2011/01/19/stories/2011011962640100.htm"]Cabinet to consider 51 p.c. FDI in multi-brand retail[/url]
Move follows ââ¬Åfeedbackââ¬Â from State governments
NEW DELHI: With the recent uproar on rising food and vegetables prices providing a handy trigger, the Manmohan Singh Government is all set to give its approval to 51 per cent Foreign Direct Investment (FDI) in the multi-brand retail sector with the Commerce and Industry Ministry likely to move a Cabinet note next week.
Highly placed sources in the Ministry said the move to open up the multi-brand retail sector, a politically sensitive issue, comes following ââ¬Åfeedbackââ¬Â received from State governments which have argued that allowing foreign investment in retail would improve the required infrastructure and provide a remunerative price to farmers for their produce.
What has also emboldened the Centre is that the Narendra Modi Government in Gujarat and the Akali-BJP alliance Government in Punjab are in favour of opening up the sector despite the BJP's opposition to this policy at the national level.
ââ¬ÅWe have firmed up our views on the issue and are likely to move a Cabinet note later this week or early next week proposing allowing of 51 per cent FDI in multi-brand retail,ââ¬Â a senior official explained to The Hindu. ââ¬ÅThe note will be sent to various Ministries for their comments and then ....
Move follows ââ¬Åfeedbackââ¬Â from State governments
NEW DELHI: With the recent uproar on rising food and vegetables prices providing a handy trigger, the Manmohan Singh Government is all set to give its approval to 51 per cent Foreign Direct Investment (FDI) in the multi-brand retail sector with the Commerce and Industry Ministry likely to move a Cabinet note next week.
Highly placed sources in the Ministry said the move to open up the multi-brand retail sector, a politically sensitive issue, comes following ââ¬Åfeedbackââ¬Â received from State governments which have argued that allowing foreign investment in retail would improve the required infrastructure and provide a remunerative price to farmers for their produce.
What has also emboldened the Centre is that the Narendra Modi Government in Gujarat and the Akali-BJP alliance Government in Punjab are in favour of opening up the sector despite the BJP's opposition to this policy at the national level.
ââ¬ÅWe have firmed up our views on the issue and are likely to move a Cabinet note later this week or early next week proposing allowing of 51 per cent FDI in multi-brand retail,ââ¬Â a senior official explained to The Hindu. ââ¬ÅThe note will be sent to various Ministries for their comments and then ....