Govt looking at genuine concerns of foreign retailers,says Sharma

Commerce and Industry Minister Anand Sharma said genuine concerns raised by investors need to be looked at very carefully,in a hint at a possible relaxation in sourcing norms for FDI in single brand retail

Commerce and Industry Minister Anand Sharma on Wednesday said genuine concerns raised by investors need to be looked at very carefully,in a hint at a possible relaxation in sourcing norms for FDI in single brand retail.

There are some genuine concerns,which investors have made … we are looking very closely at them … that needs to be looked at very carefully, Sharma said.

The minister was referring to issues raised by Swedish firm IKEA,which proposed to invest Rs 10,500 crore to set up single-brand retail stores in India,over conditions for the 30 per cent sourcing of products from micro and small industries.

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Sharma said that IKEA is already sourcing products worth Rs 700 crore from India but he added that it would be difficult for high-end product manufacturers like watch makers to source from Indian small industries.

When asked if the sourcing norms could also be relaxed in multi-brand retail,as and when global retailers are allowed in the segment,he ruled out such a step. The 30 per cent sourcing from micro and small industry is mandatory … there is no compromise on it, Sharma said.

Bhavish Aggarwal (Photo via his Twitter page)

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