FDI in retail to witness 30% procurement from SMEs: Anand Sharma

NEW DELHI: Commerce and Industry Minister Mr Anand Sharma while declaring the decision of the Union Cabinet last evening to permit up to 51% foreign direct investment (FDI) in multi-brand retailing and 100% in single-brand retail, has stated that 30% of the products will be procured from the small and medium enterprises (SMEs).

He has clarified that the decision has been taken after a year-long debate and also consultations with all the stakeholders in the most transparent and democratic manner.

Mr Anand Sharma, said, “The minimum investment in multi-brand retail will be USD 100 million. This is minimum and not the maximum. Fifty percent will be in developing rural infrastructure.”

This statement has come after both houses of parliament have been adjourned for the day after opposition parties, led by the Bharatiya Janata Party and the Left Front, had disrupted proceedings protesting the move on FDI in the retail trade.