Cash and carry sector attracted FDI worth $1.9 billion in 12 years

NEW DELHI: The government said the cash and carry sector attracted Foreign Direct Investment ( FDI) worth $1.9 billion from April 2000 to February 2012.

Referring to the data maintained by the Department of Industrial Policy and Promotion (DIPP) as received by the RBI, Commerce and Industry Minister Anand Sharma said, "FDI equity inflows amounting to $1.9 billion have been received in trading (wholesale cash and carry) sector, from April 2000 to February 2012."

Over 900 companies have received FDI for undertaking wholesale cash and carry trading/wholesale trading during the period, Sharma said in a written reply to the Lok Sabha.

At present, the government allows up to 100 per cent FDI, under the automatic route, in the cash and carry sector.

Meanwhile, replying to another query on the pharma industry, Sharma said a concerted campaign against Indian pharmaceutical industry has been launched by MNCs whose interests are getting adversely impacted due to increasing global presence of Indian pharma companies, especially in the generic segment.

To boost exports of Indian generic drugs, a brand campaign has been launched in Tokyo on March 21, 2012 to position India as a supplier of high quality, low-cost drugs and as pharmacy of the world, he said.

Besides, focused attention is being paid to promote Indian generic drugs in Africa and other important markets and to sensitise the concerned health authorities that Indian generic drugs are quality drugs at par with patented alternatives and available at reasonable cost.