 "Won't change FDI policy; if Walmart goes, others will come: Cong")
New Delhi: Congress today ruled out any “change” in the FDI policy to suit any particular company saying if Walmart goes, others will come.
“Why government should think about it? Government has not made the policy for one business house. Government has made a national policy and it is an open world.”
“If Walmart has gone, more marts are there. They will come. We are not going to change our policy. Our policy is a national policy. We are for national benefit,” party spokesperson Raj Babbar told reporters.
His comments came in response to questions that the world’s largest retailer Walmart has expressed its inability to the government on meeting the sourcing norm in the multi-brand segment that requires 30 percent procurement from small industries, stating it can procure only about 20 percent.
[caption id=“attachment_980255” align=“alignleft” width=“380”] A Walmart store is seen in the US. Reuters[/caption]
To a question about the government making some plans to bring some changes in FDI policy for some companies, he said that he was “not aware” of any such thing.
As per the foreign direct investment (FDI) policy for multi-brand retail trading, at least 30 percent of the value of procurement of manufactured/processed products shall be sourced from Indian ‘small industries’.
Several global retailers have raised concern over the sourcing restriction.
In a meeting with Commerce and Industry Minister Anand Sharma too, the global chains have flagged the issue and have demanded changing the condition to ‘preferably’ from ‘mandatory’ as in the case of single brand retail.
Impact Shorts
More ShortsAlthough the government has permitted 51 percent FDI in multi-brand retail about ten months back, no formal proposal has been received by the DIPP yet.
PTI
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
