Govt. suspends FDI in multi-brand retail till consensus;

The government has decided to suspend its decision on allowing 51 per cent Foreign Direct Investment (FDI) in the multi-brand retail sector. Making an announcement in the Lok Sabha today, the Finance Minister, Mr. Pranab Mukherjee said the government will withhold the decision till a consensus is reached among the stakeholders. He said the stakeholders include the state chief ministers and the leaders of the political parties.

Welcoming the announcement, the Leader of the Opposition, Mrs. Sushma Swaraj said by making the announcement, the government has shown its respect for public sentiments. She said this has strengthened democracy. In the Rajya Sabha, the Commerce Minister, Mr. Anand Sharma made a similar statement. However, some BSP members staged a walkout protesting against the announcement. Later, both the Houses took up the Question Hour.

BJP welcomed the government’s decision to suspend the FDI in multi-brand retail till a consensus is reached on the issue. Briefing reporters in New Delhi on Wednesday, senior Party leader S S Ahluwalia said that the Parliament could have taken up important legislative business if the government had withdrawn the decision earlier.

On the other hand, CPI(M) expressed satisfaction over the government’s decision. Briefing reporters in New Delhi on Wednesday, senior party leader Sitaram Yechury said that discussions on important issues like price rise, black money and corruption can be taken up now that the stalemate has ended. Mr Yechury also demanded immediate ban on forward trading of all agricultural products to control inflation.