Deadlock over FDI ends after all-party meet

There seems to be a major breakthrough achieved at the all-party meeting with regard to the deadlock over foreign direct investment (FDI) in retail on Wednesday.

The government, after meeting its allies and opposition parties, agreed to suspend 51% FDI in retail till a consensus is achieved among all parties.

"Decision to bring 51% FDI in retail suspended till a consensus is brought among various stake holders including political parties," said Union Finance Minister Pranab Mukherjee.

Addressing mediapersons after the meeting, Union Minister Farooq Abdullah said that the Opposition had agreed to let the Parliament function normally.

Reacting to the development, CPI leader D Raja said that the move was a virtual rollback.

Congress leader Rajiv Shukla also confirmed the decision, saying, "The opposition has agreed to let Parliament function. They have sought some clarifications."

Key UPA ally Trinamool Congress also expressed happiness over the decision.

"We are happy that this decision has been taken. Mamata was already told about it. We are also happy that the BJP also agreed to this suspension of the decision," said TMC MP Sudip Bandyopadhyay.