New Delhi, Nov. 29 (ANI): An all-party meeting convened by the Centre to end the deadlock over allowing 51 percent Foreign Direct Investment (FDI) in multi-brand retail, ended inconclusively on Tuesday with both the government and the opposition failing to reach a consensus over the issue.
The meeting was attended by top leaders, including Sushma Swaraj, LK Advani (BJP), Sharad Pawar (NCP), Sandeep Bandhopadhyay (TMC), Jayant Chowdhary (RLD), Anant Geete, Manohar Joshi (Shiv Sena), Pawan Kumar Bansal, Narayansami, Anand Sharma (Congress), Nageshwar Rao (TDP), Satish Mishra (BSP), Thambidurai, Maitran (AIADMK), T Shiva (DMK).
The government was forced into calling for the all-party meet after the opposition made it absolutely clear that it will not allow the Parliament to function till the government rolls back the FDI decision.
Both the Lok Sabha and the Rajya Sabha have not been able to function properly over the last five days following the decision on FDI and the spiralling prices of essential commodities.
Last Thursday, the Cabinet approved 51 percent FDI in multi brand retail, As per this move, many global retailers like Wal-Mart, Carrefour and Tesco can open outlets in India.
The Cabinet also decided to remove the 51 per cent cap on FDI in single brand format under which companies in food, lifestyle and sports business run stores. Owners of brands like Adidas, Gucci, Hermes, LVMH and Costa Coffee can now have full ownership of business in India.
Foreign Direct Investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.
It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. It usually involves participation in management, joint venture, transfer of technology and expertise. (ANI)