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In the first signs of the Government trying to shake off its recent image of being afflicted with ‘policy paralysis’, the Commerce and Industry Minister, Mr Anand Sharma, said he is confident “the coming weeks will see the emergence of political consensus on liberalising foreign direct investment (FDI) in multi-brand retail.”
Opening up the multi-brand retail sector to FDI will, in turn, “open immense opportunities,” he said addressing ‘India-Russia Business Dialogue’ held under the umbrella of the St. Petersburg International Economic Forum.
Mr Sharma also held a meeting with Mr Rogozin at St Petersburg on Thursday.
Later he met Mr Olaf Koch, CEO and Chairman of the Management Board of the multinational retail major METRO AG. Mr Koch expressed happiness over the performance of their investment in India and apprised the Minister about the company’s expansion plans in India, raising the number of stores from 10 to 16, an official statement said. Mr Sharma welcomed their decision to procure marine products from India for their global operations and assured them all the help from the Government side.
The Government’s move to permit 51 per cent FDI in multi-brand retail was suspended on account of opposition from opposition parties including the BJP and the ruling UPA’s key allies, including Trinamool Congress. However, the Government has allowed 100 per cent FDI in single brand retail and is holding talks with all stakeholders including farmers and consumer associations to ensure a broad consensus on the matter.
Mr Sharma also said India aims to double its food processing capabilities in the next five years with the establishment of 64 fully-equipped Agro Processing Zones and food parks. He said that Russia can partner to develop cross-sectoral linkages in the value addition chain from agriculture to retail, packaging and logistics.
The Minister said India is also planning to invest $1 trillion in the infrastructure sector in the next five years and welcomed Russian participation.
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