Clarity on FDI in multi-brand retail norms soon: Chidambaram

The government will soon bring in more clarity to the foreign direct investment (FDI) regulations in multi-brand retail which would help attract investments into the country, Finance Minister P. Chidambaram said Wednesday.

"The Commerce ministry is in the last leg of clarifying the policy,” the finance minister said at a press conference here. Chidambaram said the commerce ministry is likely to place the proposal at Thursday's cabinet meeting. 

The government last year had opened the gates for multi-brand retail sector to foreign investors, by allowing up to 51 percent FDI. However, no foreign investment has taken place in the sector so far. Chidambaram hoped that the overseas investors would enter into the Indian multi-brand retail markets, once the issues were clarified.