Government Won’t Revoke Decision on FDI in multi-brand Retail: Sources

retail-3-505_061212101250_062212075833NEW DELHI: The Narendra Modi government has decided to stick with the previous UPA government’s policy on FDI in multi-brand retail, said sources, arguing that a reversal of the decision “will send a negative signal.”
The BJP, in its manifesto for this year’s Lok Sabha polls, had promised to scrap the UPA government’s decision on FDI in multi-brand retail. After coming to power in Rajasthan in December last year, chief minister Vasundhara Raje had, in fact, rolled back the Ashok Gehlot government’s invitation to big multi-brand retail chains to set their shops in the state.
The NDA government, while deciding to go for status-quo on FDI in multi-brand retain, has left it to the states to take a call on the applications submitted by global chains such as Walmart and Carrefour. “But no new applications will be entertained by the Centre,” the sources said.

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