Government not to let go of retail FDI: Mukherjee
23 Dec 2011
Foreign investment in the country's retail industry is very much on the government's mind, although it decided to backtrack for the time being in the face of stiff opposition from some of its own coalition partners, finance minister Pranab Mukherjee said today.
"Yes, we announced FDI policy in retail but it could not be implemented. But that does not mean we have shelved it", Mukherjee told the 106th annual session of PHD Chamber of Commerce and Industry (Phdcci) in New Delhi today.
Mukherjee said the UPA government is now trying to build a political consensus on the FDI issue and the pension bill.
The Pension Fund Regulatory and Development Authority (PFRDA) Bill, which was expected to be passed in the current session of Parliament, has also been put off due to opposition from the Trinamool Congress.
"Commitment to FDI, commitment to PFRDA and all other major legislation, which are part of new generation reforms, are very much in the mind of the government and we are working very hard to build up the consensus," Mukherjee said.
The finance minister, however, agreed that the government is facing serious fiscal challenge, with the rupee falling nearly 20 per cent against the US dollar from its July high, but he said the setback was only temporary.
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