labels: investments
No decision yet to allow retail FDI, says Chidambaramnews
Our Economy Bureau
09 May 2007

Mumbai: The government is yet to take a decision on allowing foreign direct investment (FDI) in retail sector, finance minister P. Chidambaram told the Rajya Sabha.

"There is no government decision to allow FDI in retail," he said during question hour, adding, FDI was only permitted for cash-and-carry, wholesale and single brand retail.

Chidambaram said FDI investments inflows of $13.5 billion during 2006-07 were the highest-ever while total FDI, including retained earning and a swap deal during the period, would go up to $19 billion, he said.

He said while investments of 28-32 per cent of GDP were required to sustain high GDP growth and the government had achieved an investment ratio of over 33 per cent of GDP during 2005-06.

Measures would be taken during the current plan to ensure that the financing target of $320 billion for development of infrastructure sector during the next five years was met.

These investments would be met through a combination of public investment, public-private partnerships and exclusive private investments, wherever feasible, he said.


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No decision yet to allow retail FDI, says Chidambaram