Government has not 'shelved' FDI in retail: Pranab
Friday December 23, 2011 05:51:42 PM,
IANS
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New Delhi: India has
not shelved its plan to allow foreign equity in multi-brand
retail, Finance Minister Pranab Mukherjee said Friday saying "it
is very much in the mind of the government" and efforts are on to
build a consensus on foreign direct investment, even in insurance
and pension.
"We announced FDI in retail policy, but couldn?t implement it. But
that does not mean we have shelved the policy," Mukherjee said at
the 106th annual general meeting of the PHD Chamber here.
He said the government was trying to build a consensus on the
issue and would implement it as soon as a broad consensus is
reached.
"The people have given us a limited mandate, with which we cannot
carry out sweeping reforms. We are building consensus on it and
shall implement it when we achieve it," Mukherjee said.
The government was recently forced to put on hold its decision on
allowing 51 percent foreign direct investment in multi-brand
retail after key allies Trinamool Congress and DMK joined the
opposition in stalling the move.
Mukherjee said the government was also trying to build consensus
to introduce reforms in other sectors like insurance and pension.
The finance minister said he wanted to push the Pension Fund
Regulatory and Development Authority (PFRDA) bill in the current
winter session of parliament, but could not do so because of the
lack of requisite numbers in the upper house.
"Commitment to FDI, commitment to PFRDA and all other major
legislations which are part of new generation reforms are very
much in the mind of the government and we are working very hard to
build up the consensus," he said.
On slowing growth in Asia's third largest economy, Mukherjee said
the economy was going through a difficult situation and the
overall growth was likely to come down to 7.25 percent to 7.5
percent in the current fiscal against the budgetary estimate of
around 9 percent.
"When I am talking of 7.5 percent I am not disappointed... this is
commendable considering the fact that our growth curve climbed
rapidly only from 2003-04, when we achieved a growth rate of over
8 percent."
He said inflation was likely to settle at around 6-7 percent by
the end of the current fiscal. Food inflation declined to 1.81
percent for the week ended Dec 10. However, overall inflation
based on wholesale price index still remains at an elevated level.
It was recorded at 9.11 percent in November.
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