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FDI in retail: Efforts on to take Mamata on board

Source: PTI
November 24, 2011 13:25 IST
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Efforts are on to convince West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee to support FDI in multi-brand retail which is coming up for consideration of the Union Cabinet on Thursday evening.

Commerce and Industry Minister Anand Sharma has spoken to Banerjee and "if needed, would meet her again," to remove her apprehensions on the issue, sources said.

Trinamool Congress is a key ally of the UPA government. Banerjee, who is here since Tuesday night, had reportedly said her party would oppose the proposal for allowing foreign direct investment (FDI) in multi-brand

retail in the Cabinet.

"Sharma will explain to her how the FDI would be beneficial for small farmers and try to remove whatever inhibitions she has on the issue," sources said.

The Cabinet is scheduled to consider allowing 51 per cent FDI in multi-brand retail, a move which will pave the way for opening of global retail stores like Wal-Mart, Carrefour and Tesco in major Indian cities.

The FDI cap in the single brand is also likely to be raised to 100 per cent.

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