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Announcing last Friday he said the policy review would
be unveiled in the next two-three weeks, but made it
clear that there was no plan to change the policy in
the fast-growing retail sector.
"We are looking at how FDI can be used in generating
employment which will be the driving force of all our
policies," Nath told reporters in Delhi.
Regarding government policy on growth of big domestic
companies in retail, Nath said this issue need to be
considered by Ministry of Consumer Affairs.
The Commerce Ministry is awaiting a report from economic
think-tank ICRIER on the implications of FDI on small
and retail traders.
The country received 11.4 billion dollars FDI in January-June
2007, whopping 218 per cent jump over the same period
last year. For the first quarter of the financial year
2007-08, the inflows were 4.9 billion dollars against
1.7 billion dollars showing an increase of 185 per cent.
Nath said India follows one of the most liberal FDI
policies in the world. "According to a world report
on Freedom of economic activities, India ranks quite
high among several Asian destinations," he said.
Source: http://economictimes.indiatimes.com
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