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A decision on the much-awaited FDI in multi-brand retail is likely to be delayed further in wake of fresh inter-ministerial differences on the politically sensitive issue.
Differences between the Ministry of Consumer Affairs and the Department of Industrial Policy and Promotion surfaced, even as Wal-Mart said today it is waiting for a policy clearance to pump in investment in the sector.
“There are some differences among ministries over FDI in multi-brand retail. Our department is processing what stand we have to take,” the Food and Consumer Affairs Minister, Mr K. V. Thomas, said on the sidelines of a CII event here.
He said his Ministry would formulate, within a week, its stand on the terms and conditions which should be enforced for allowing foreign direct investment (FDI) in multi-brand retail, estimated at over $500 billion.
“The question is not about the percentage of FDI only. There are a large number of small shops in villages...,” he said.
Enroute his return from the US, the Prime Minister, Mr Manmohan Singh, had also expressed concern about protecting small traders.
“It is our task to go about it in a manner in which the nation enjoys the benefits of more FDI in retail trade, without hurting our domestic interests. I can assure that we will do nothing which will hurt the essential interests of the small Indian trade community,” Mr Singh had said yesterday.
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