Favour liberalising FDI in retail, but no timeframe
Tuesday, 01 March 2011, 06:14 IST
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New Delhi: Finance Minister Pranab Mukherjee today said he favoured further opening up of the retail sector to Foreign Direct Investment (FDI) but refused to give any time frame for it. "I feel that (further opening of FDI in retail) should be done. But question is at what point of time it should be done," Mukherjee told Times Now in an interview. He hinted that the government would wait for an opportune moment before taking a plunge. "Here my practice is...when I am sure that this is the time when I am going to do it then I make the announcement. I do not like to make premature announcements and thereafter to find explanations on why it has not been done," Mukherjee said. Currently, 51 per cent FDI is allowed in single-brand retailing, while foreign investment is prohibited in multi-brand retail.
Source: PTI
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