No FDI mandate

Don’t expect Wal-mart and JC Penny to grace your neighbourhood shopping malls anytime soon.

Industry players are not sure quite what to make of the finance minister’s assertion to open up trade, coal mining and pension to FDI.

According to PricewaterhouseCoopers executive director Vivek Mehra, the budget statement indicated that there was no consensus yet on the FDI issue. PC told the post-Budget press meet that there was no need to set a FDI cap right now, as these were virgin territories.