Govt to clear IKEA proposal soon: Anand Sharma
cent joint venture of American luxury clothing retailer Brooks Brothers and Italian jewellery maker Damiani's plan to form a venture with Mehta's Pvt Ltd.
Sharma further said now that the government has allowed FDI in multi-brand retail, global retailers which were present in the wholesale stores should look at opening retail stores in the country.
"Reform is a gradual process, we have taken several steps. We have allowed FDI in civil aviation and power exchange. Now there are huge opportunities which foreign companies should avail," he said.
When asked about India's economic growth in the wake of global economic crisis, Sharma said that the country is not comfortable with the recent GDP figures.
"We are not at all comfortable with the current growth. We want to go to the earlier growth numbers," he said, adding "to grow at minimum 8 per cent, to increase investments and to create jobs in the country, the investment rate must go to 38 per cent".
The Minister also urged the RBI to cut interest rates to boost investments.
"What is more important is investment, economic activities and job creation and for that easy availability of credit to industry is imperative and I hope the RBI will take a view soon," he said.
When asked whether the forthcoming winter session of Parliament will pass the government's decision to increase FDI cap in insurance sector, he said : "I hope that the session will be productive. We cannot continue with the situation where the highest forum of discussion, debate and decision making
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