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No FDI in multi-brand retail: Commerce minister Nirmala Sitharaman

  •   Tue, May 27 2014 05:43:02 PM


New Delhi, May 27 (PTI): Reaffirming BJP's stand on FDI in multi-brand retail, new commerce and industry minister Nirmala Sitharaman on Tuesday indicated that foreign players will not be allowed to open mega stores in the country as it may adversely impact the small traders and farmers. 

"At this stage the party position is very very clear. We have explained about FDI in multi-brand retail (MBR) that it probably is not best opened up now because medium and small sized traders or small farmers have not been adequately empowered... if you open up the floodgates of FDI in MBR, it may affect them," she said. 

Sitharaman, who took charge of the ministry, was replying to a question whether the government would rescind the current FDI policy of allowing foreign investment in MBRT. 

The minister further said that she would "sit with the officials as to what has happened all the while (to) further the manifesto based agenda of BJP we shall work." 

The BJP manifesto had said, "barring the multi-brand retail sector, FDI will be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialised expertise." 

Although the previous government had allowed Foreign Direct Investment (FDI) in multi-brand retail, only one investment proposal of UK-based Tesco was cleared by the earlier government. 

She said the ministry would look at the current FDI policy in calibrated way. 

Further, the new minister said that boosting exports will be the one of the top priority. 

The ministry would play an important role in enhancing economic and trade ties with all the countries, she added. 

India's exports in the last three years have been hovering around USD 300 billion. 

India's exports in 2013-14 fall short of the USD 325 billion target and managed to reach USD 312.35 billion. The country's exports stood at USD 300.4 billion in 2012-13 and USD 307 billion in 2011-12. 

After taking charge, she met with officials of the ministry, including commerce and DIPP secretary. 

Later, she also took charge as minister of state for finance.
  

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Comment on this article

  • For Justice, Abu Dhabi / Ubar

    Tue, May 27 2014

    To make big speeches/statements is so easy but not to practice/achieve it.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, May 27 2014

    I wonder how BJP is going to achieve 12% growth...

    DisAgree [3] Agree [17] Reply Report Abuse

  • Rahul, Mangalore

    Tue, May 27 2014

    You can expect contradictory and controversial statements everyday from these new bunch of ministers.

    DisAgree [1] Agree [15] Reply Report Abuse

  • james, mangalore

    Tue, May 27 2014

    Good step!! Hope they will never forget these words!!

    DisAgree [3] Agree [8] Reply Report Abuse

  • R.Fernandes, Dubai

    Tue, May 27 2014

    This is due to the fear of local small scale manufacturers loosing the ground.
    I feel FDI in retail should be introduced to bring the quality consciousness in the market. Imported goods can be sold at slightly higher price and locally manufactured can be sold at lower price. Those who look for the quality can bear the additional cost and in this way balance can be achieved.
    To bring the quality consciousness in our manufacturing sector including food,FDI in retail should be introduced.

    DisAgree Agree [10] Reply Report Abuse

  • Valerian Dsouza, Udupi/Mumbai

    Tue, May 27 2014

    No FDI in multi-brand retail?
    Then it is inconsistency in our Policy matters!
    Our multi brand retails will also face similar ban abroad.
    Finally benefit and loss is negated.
    Our Multi brand retails should have learned from overseas players and competed for some time at least, before changing the Policy.
    I don't think FDI in multi brand retail will affect our farmers anyway small traders may be yes.
    But buyers/consumers should also benefit by way of quality products.
    Lets see overall impact of the same!

    DisAgree [3] Agree [20] Reply Report Abuse

  • Prakash Shetty, Mumbai

    Tue, May 27 2014

    China has 100% FDI in all sectors and look where they have reached now. India will always remain poor because India is afraid of global competition and lives in a closed well. With no competition no development can take place.
    No FDI is fine. What is the alternative? To continue with existing middlemen and brokers ? Current sys brings high cost to consumers and low price for farmers.Why are we not manufacturing world class products? Its because our Govt had been safeguarding the interest of its vote banks since independence. Healthy regulated competition is better for all. Wish Govt thinks on this issue.

    DisAgree [4] Agree [22] Reply Report Abuse


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Title: No FDI in multi-brand retail: Commerce minister Nirmala Sitharaman



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