No proposal from foreign cos on FDI in multi-brand retail trading: Govt
"No proposal has been received in multi-brand retail trading," Minister of State for Commerce and Industry S Jagathrakshakan has said in a written reply to the Lok Sabha.
Although the Department of Industrial Policy and Promotion has notified 51 per cent FDI in multi-brand retail on September 14, the RBI aligned the FEMA rules.
The FEMA rules have since been tabled in the Lok Sabha and the opposition demanding that they require approval of both the houses of Parliament.
On the other hand, Parliament Affairs Minister Kamal Nath has said that approval of only one house is adequate to give effect to the policy.
In an another reply, Minister of State for Commerce and Industry D Purandeswari said that the US and Turkey have raised concerns on the fresh subsidies recently provided by India to textiles and apparel sector despite India achieving export competitiveness in this sector.
"US have sought bilateral consultation with India on this issue," Purandeswari said.
However, she added that as per provisions of Agreement on Subsidies and Countervailing Measures (ASCM), developing countries like India can maintain export subsidies as its gross national product per capita is less than USD 1,000 per annum.
As per the calculations released by the WTO committee on Subsidies and Countervailing Measures, India reached Gross National Income (GNI) per capita of USD 926 in 2010, she said. She also said as per
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