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Jun 26, 2012, 09.52 AM IST
India today said it will soon build a political consensus on allowing FDI in multi- brand retail as the country has a welcoming investment climate. Commerce and Industry Minister Anand Sharma, who is leading a two-day high-level business delegation to Belgium, said the government is in the process of liberalising the foreign investment regime.
According to an official release, Sharma assured foreign investors of the "welcoming investment climate in India and shared the steps taken by the government for liberalising the foreign investment regime" while addressing the Global India Business Meeting.
In particular, he impressed upon the foreign investment in retail sector, where the policy for 100% foreign direct investment (FDI) in single-brand retail has already been rolled out.
"Several global majors have already firmed up investment plans (in India)," the release said.
He exuded confidence that the government will be able to evolve consensus on allowing foreign investment in multi-brand retail "very soon".
The policy decision to allow FDI in multi-brand retail, which would have allowed global retailers like Walmart to open outlets in India, was put on hold by the government in the wake of strong objection from the opposition BJP and UPA's key allies, including Trinamool Congress.
However, the Industry Ministry has been consulting state governments and other stakeholders like farmers and consumer associations, to arrive at a broad consensus on this issue.
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