New Delhi, Feb. 16
FOREIGN direct investment (FDI) in single brand retail should be allowed through the automatic route rather than through the Foreign Investment Promotion Board (FIPB), the Associated Chambers of Commerce and Industry of India (Assocham) has said.
"Once a policy decision has been taken to allow FDI in single brand retail, a standard set of rules should govern the administrative procedure and the proposals should not be referred to the FIPB,'' the Assocham President, Mr Anil K. Agarwal, said in a statement here.
He said the procedure notified indicate that the proposals have to go first to the Department of Industrial Policy and Promotion and then to the FIPB for the final decision. The multi-stage approval would end up in delays, thus upsetting the global investors, he added.
The Government should continue to work for a political consensus for opening up the retail sector for FDI in full stream as well, said the chamber.