"...our efforts to open up the FDI in multi brand retail trading has not been operationalised yet. We are in the process of building up consensus among the various stakeholders to take the next steps in that regard," Indian Finance Minister Pranab Mukherjee said here. He was addressing a gathering of leaders of Fortune 500 companies at Chicago Council of Global Affairs here.
Following widespread opposition, including from its own ally, the government put on hold its decision to allow 51 per cent Foreign Direct Investment (FDI) in multi-brand retail on November 24.
The government, however went ahead with its decision to increase the FDI level in single-brand retail to 100 per cent from the earlier 51 per cent.
Mukherjee said the world economy is passing through turbulent times and the lingering after effects of the global financial crisis have of late become more pronounced.
"We have seen that the real danger to the global economy lies in the rapid contagion through today's globally integrated financial markets...We cannot afford to have a piecemeal stop-go approach to address the issues confronting us," he said. Talking about the Indian economy, he said it is, in some ways, better placed than many other nations to withstand a fresh round of global economic turmoil.
Mukherjee said the key objective in the current year is "to regain the growth momentum, strengthen the moderation in headline inflation..., rejuvenate the markets and improve the business sentiments which have been at low levels for most of the last year".