US Senator upset over delay in FDI in Indian retail

Influential US Senator and co-chair of the Senate's India Caucus Mark R Warner today expressed his disappointment over delay in India allowing foreign investment in multi-brand retail.

"I am seriously concerned about delay in implementation of FDI in multi-brand retail," he said at CII Partnership Summit 2012 here. His comments come within days of US Trade Representative Ron Kirk postponing his visit to New Delhi - perceived to be conveying the US displeasure on India going slow in giving market access to the American companies, in areas like retail, insurance and banking.

Warner is leading a Congressional delegation to India and meeting top government and business leaders in New Delhi, Jaipur, Hyderabad and Kolkata.

The team is exploring opportunities to expand ties in areas of trade and defense between the two countries. Bowing to intense from Opposition parties and its own ally Trinamool Congress, the government suspended its decision to allow 51% foreign direct investment (FDI) in the multi-brand retail.

However, the government has re-launched efforts to achieve consensus among different stakeholders on the politically sensitive issue.