Notification on FDI only matter of time: Anand Sharma

Industry Minister Anand Sharma today assured Indian and European Union CEOs that the government is building a consensus on opening the multi-brand retail and it is only a "matter of time" before the decision is notified.

Addressing the CEOs, Sharma said the decision to put on hold FDI in multi-brand retail is "just a pause" and it has "not been taken back".

After widespread opposition, including from its own ally, the government put on hold its decision to allow 51 per cent FDI in multi-brand retail in November.

"...When it comes to notify it (decision on FDI in multi-brand retail), as we did one (100 per cent FDI in single brand retail), the second one will also happen, its a matter of time," he said.

Recently in Chicago Finance Minister Pranab Mukherjee too had said that efforts to evolve consensus on the decision to open the sector were on.

Several European retail players like Carrefour and Tesco have expressed a keen interest in opening retail chains in India.

The Department of Industrial Policy and Promotion (DIPP) has started wider consultations with stakeholders including farmers, consumers and food processing industry.

The USD 600-billion segment is dominated by small kirana (mom & pop) shops. The opposition has expressed concerns that allowing majors global retailers would lead to unemployment among the unorganised sector.

Several global retailers are waiting in the wings to enter India's multi-brand retail segment.