In­dia's govt ready to face chal­lenge on FDI de­ci­sion in Par, says Sharma

The Pak Banker - - Front Page -


Hit­ting out at the op­po­si­tion for their plans to "drag" de­ci­sion on FDI to In­dian par­lia­ment, In­dia's govt on Mon­day said the "shrill dis­course" and "sen­sa­tion­al­ism" over the last few years have caused enor­mous dam­age to In­dia's im­age and hoped the en­thu­si­asm of for­eign in­vestors would now be bol­stered by re­cent firm moves.

In­dia's Com­merce Min­is­ter Anand Sharma made it clear that there will be no go­ing back on al­low­ing 51 per­cent FDI in multi- brand re­tail as it is a "de­ci­sion cast in stone" and said In­dia's govt is ready to face any chal­lenge in In­dian par­lia­ment.

Speak­ing ahead of the In­dian par­lia­ment ses­sion when Op­po­si­tion is plan­ning to press mo­tions, in­clud­ing No-Con­fi­dence Mo­tion over the FDI is­sue, he as­serted that a gov­ern­ment can­not be expected to have "vet­ting of its pol­icy and en­dorse­ment of ex­ec­u­tive de­ci­sions ei­ther by ide­o­log­i­cal op­po­nents, some of whom have blink­ers on or those who have par­ti­san agenda." Talk­ing to jour­nal­ists en route to Phnom Penh along with In­dian Prime Min­isiter Man­mo­han Singh, Sharma said, "It is high time that a re­al­i­sa­tion dawns upon all con­cerned that shrill dis­course and sen­sa­tion­al­i­sa­tion in re­cent years has caused enor­mous dam­age to In­dia's im­age, the in­vest­ment cli­mate and hurt In­dia's econ­omy."

Asked to com­ment on a move by for­mer UPA ally Tri­namool Congress to bring No­Con­fi­dence Mo­tion on FDI dur­ing the Win­ter Ses­sion of In­dian par­lia­ment be­gin­ning on Novem­ber 22, Sharma said, "in a democ­racy, there can be dif­fer­ence of opin­ion and it is expected of the op­po­nents of In­dia's govt to take a po­si­tion with re­gard to pol­icy de­ci­sions.

At the same time, the Min­is­ter as­serted, "In­dia's govt is con­fi­dent" of demon­strat­ing its ma­jor­ity in In­dian par­lia­ment and "fac­ing any chal­lenge and con­tin­u­ing with its good work."

To ques­tions over whether tim­ing of FDI de­ci­sion was right, Sharma shot back, say­ing he was sur­prised over such queries.

He as­serted that In­dia's govt had taken the de­ci­sion on al­low­ing FDI in multi-brand re­tail in a "con­sid­ered man­ner" look­ing at the in­ter­est of farm­ers and jobs and af­ter thor­ough con­sul­ta­tions spread over two years with stake-hold­ers like farm­ers, con­sumers and all the states.

While talk­ing about the dam­age caused to In­dia's in­ter­ests by "sen­sa­tion­al­ism," the Min­is­ter hoped that the con­fi­dence of in­vestors in In­dia's pol­icy regime has been "bol­stered and re­in­forced with the firm­ness" and "clar­ity of mind" that In­dia's govt has demon­strated in tak­ing de­ci­sions and to make In­dia one of the most in­vestor-friendly coun­tries.

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