The Commerce and Industry Minister Anand Sharma has ruled out any review of the foreign direct investment policy. Speaking to Indian Media he said that there is no need for have a re-look at the policy amended in February by the Department of Industrial Policy and Promotion.
He said while the policy does not allow overseas investment in retail there are safeguards against FDI in sensitive sectors like broadcasting and defence production. He said the misunderstanding on FDI being allowed indirectly in multi-brand retail is not well placed at all.
Referring to the sharpest-ever dip in exports in the last 14 years, the Commerce and Industry Minister said he is concerned over the over 33 per cent shrinkage in overseas shipments. The Commerce Minister said he would be discussing with Finance Minister Pranab Mukherjee the measures that can be taken in the Budget to help the exporters who are in distress. He expressed hope that the country would be able to return to the high-growth trajectory.
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