December 7, 2011

Pranab Mukherjee: FDI in Retail Suspended

The Parliament logjam over the issue of FDI in retail is finally over, as the government suspended the proposal till a consensus is reached among all parties. Union Finance Minister Pranab Mukherjee has revealed this in Lok Sabha today.

Pranab said that the decision to allow 51% FDI in multi-brand retail has been suspended till all parties reach a consensus over this issue. He further said that the government will consult all stakeholders before taking a final decision.

The Government will consult all Chief Ministers of the States and the Cabinet to seek their opinion on FDI in Retail.

The Opposition parties, including the BJP, Left and others have welcomed the government's move. The Trinamool Congress has also welcomed the decision. However, the Bahujan Samaj Party (BSP) did not agree to the suspension and demanded a complete rollback.

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