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A day after the Supreme Court sought the government’s response on the safeguards in place to protect small traders from the arrival of FDI in multi-brand retail, Commerce and Industry Minister Anand Sharma Wednesday said that “all institutions should respect the constitutional demarcation between the executive, legislation and judiciary”.
The Indian economy is passing through “a difficult phase” currently and it is important to “retain the trust and confidence of foreign investors in the country’s investment regime”, Sharma, who is in Davos to attend the annual World Economic Forum, said in a statement issued by his ministry in New Delhi.
“It is important that all institutions respect the constitutional demarcation between executive, legislation and judiciary. Any alteration of this balance which confuses the global investors who are keen to invest in India and which leads to job creation, technology upgrade and infrastructure expansion, is better avoided,” Sharma said.
On Tuesday, a bench headed by Justice R M Lodha and S J Mukhopadhaya asked the Centre whether any foreign investment has come into the country after the retail sector was opened up or if it was just a “political gimmick”. The apex court had said the interest of small traders should not be affected by allowing FDI in retail trade.