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2011-07-22

Panel of secretaries to meet today for FDI

Panel of secretaries to meet today for FDI

Panel of secretaries to meet today for FDI

To approve the final blueprint for allowing FDI in India's multi-brand retail sector, a panel of secretaries is headed to meet today.

 

The Committee of Secretaries (CoS) headed by Cabinet Secretary Ajit Kumar Seth is also expected to resolve the differences on fixing a cap on FDI in the politically sensitive sector along with pre conditions like a minimum investment of $100 million and earmarking a sizeable portion of the funds for back-end supply chains.

While the buzz is that the top bureaucrats have consented for at least 49 per cent foreign investment in multi-brand retail joint ventures, the department of industrial policy and promotion (DIPP) is pushing for a majority stake for global partners like Walmart and Carrefour, sources said.

Finally, UPA will endorse the policy which is likely to weigh the pros and cons of the move, especially ahead of the Uttar Pradesh assembly elections scheduled next year.

The DIPP had also proposed riders like a minimum FDI of $100 million (about Rs 450-460 crore), half of which would have to be invested in back-end infrastructure like cold storage, soil testing labs and seed farming.

On the other hand, the department of consumer affairs wants 75 per cent of the FDI to be invested in back-end infrastructure.


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