UPA policy on FDI in multi-brand retail retained; BJP says won't approve any proposals

NEW DELHI: Even though the government has retained the policy on FDI in multi-brand retail that allows up to 51% foreign investment, the BJP on Tuesday categorically declared that Narendra Modi-led BJP government at the Centre will not approve any FDI in multi-retail trade proposals during its tenure.

“It (FDI in multi-brand retail trade) is ineffective and not any proposal will be cleared while BJP is in power,” BJP spokesperson GVL Narasimha Rao said during a press conference at the party headquarters. He was replying to a query whether the BJP was in favour of withdrawal of the policy that was first approved during the Congressled UPA government.

“Leave that wisdom to the government,” Rao responded to a query whether the government should rescind the UPA government’s policy.