New Delhi: Key policy makers in the government have kicked off discussions to liberalise foreign direct investment regime. The government is debating opening up of foreign investment in multi-brand retail sector that employs millions and further liberalising the defence sector.
Finance minister Pranab Mukherjee , home minister P Chidambaram , defence minister A K Antony along with commerce minister Anand Sharma held discussions on further relaxing the foreign direct investment regime on Thursday.
"We will be having more meetings. Policy (formation) is dynamic...we are very progressive and forward looking," Mr Sharma told reporters on Thursday.
The department of industrial policy and promotion had earlier this year put out discussion papers to seek public comments on opening up of multi-brand retail to foreign investment and increasing FDI in defence from 26% to 74%.
The department then set up an inter-ministerial panel to examine public comments and suggest some policy measure. However, the panel is expected to call for wider consultation on opening up multibrand retail sector to foreign investors in its report. Of the 180 respondents only 65 agreed to opening up of the sector and majority 113 opposed it. "The reponses cannot be taken to represent the voice of large number of stakeholders and population at large," the draft report circulated to all members of the panel says.
The final report is expected by month end, according to a person privy to the discussions.
Both the Left and BJP are completely opposed to opening up of multi-brand retail. However, the UPA government , sans the Left, seems more open to the idea of opening up multi-brand retail to FDI.
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