Proposals of multibrand retailers likely to come through soon: Anand Sharma

LONDON: After a round of meetings with top level UK CEOs and investors, commerce ministere Anand Sharma said that he has clarified various concerns of multibrand retailers and is expecting proposals to come through soon.

“About 6 major proposals for single brand retail FDI have been cleared recently, 5 more are approved," he said in London on a visit prior to UK PM David Cameron’s visit to India later this month.

Mr Sharma said that there is “renewed investor interest in India after we have shown our commitment to the reforms agenda.” Multibrand retailers will be allowed to source from states other than in which they have operations, and set up separate subsidiaries for different states, he clarified. “I met with the Tesco CEO and he had a few queries.” Despite India having passed the bill for allowing FDI in supermarkets, few proposals have been forthcoming.

He also dismissed concerns about “stability of tax regime” concerns among global investors, araising from the Vodafone case, saying that the government and the Shome committee have “laid to rest any concerns about GAAR.”

He also said that he had raised the issue of student work visas with his counterparts in the UK government. “Recent changes to the student visa rules have resulted in a decline in the number of India students coming to the UK, and a diversion to other countries,” he said.

Mr Sharma said that India has a strategic relationship with both UK and India, and is hoping for significant outcomes from the high level visits of French president Francoise Hollande and David Cameron almost simultaneously.