No decision yet to allow retail FDI, says Chidambaram
By 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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