Date:02/02/2006 URL: http://www.thehindubusinessline.com/2006/02/02/stories/2006020202090800.htm

Back `Retail sector will be opened up further in a calibrated manner'

Our Bureau

New Delhi , Feb. 1

THE retail sector would be opened further for foreign direct investment in a calibrated manner, said Dr Ashwani Kumar, who took over as Minister of State for Industry in the Union Ministry of Commerce and Industry on Wednesday.

"There is a broad consensus (among political parties) on the fact that the country needs FDI. We will have to take everyone's views and concerns so that there is greatest possible convergence on these issues," he said after assuming the office.

He further clarified that that the single-brand retail outlets would not displace shopkeepers as they have a very focussed client base and opening the sector would have to be calibrated taking everyone's concerns into account.

Mr Kumar also elaborated on his priorities for the future. He said they would include promoting India as a favourable investment destination, strengthening of Intellectual Property Rights regime and bettering the industry's competitiveness.

He said that he would also try to secure a greater budgetary allocation so that infrastructure could be upgraded in industrial clusters.