India FDI retail policy in 2 months

By agencies   |   Wednesday, 09 February 2005, 20:30 IST
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NEW DELHI: The Government is considering opening up the retail and realty sectors for foreign investors, Commerce and Industry Minister Kamal Nath today said. "We are examining various parameters... We should be able to come with a policy in next two months," Commerce and Industry Minister Kamal Nath told reporters on sidelines of Indo-American chamber of Commerce Summit on infrastructure. "We have had discussions with the retail sector... We want incremental FDI to come in the sector. We do not want FDI which would displace the existing investment," he added. When inquired if the FDI in retail will form a part of India's offer on services at WTO, which have to be tabled before May 31, Nath said," Our offers in Mode 2 and 3 would be driven by offers we receive in Mode 1 and 4." Nath said while the policy may be a part of the offers, it was not driven by the offers. He said FDI in realty should be driven towards construction and not just investment in land holdings and the policy would aim to address this.