FDI suspension a step in right direction: Moily | delhi | Hindustan Times
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FDI suspension a step in right direction: Moily

delhi Updated: Dec 07, 2011 16:57 IST
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Describing the move to suspend decision on FDI in retail as a step in right direction, corporate minister M Veerappa Moily on Wednesday said the intention is to keep the "policy on".

"This is a step in right direction. Ultimately we want the policy to be on," Moily told reporters outside Parliament.

Justifying the decision, Moily said "In a democracy participation of everyone is necessary. Ultimately it has to be implemnted by state governments. If state governments do not implement the FDI, then it would be a non-starter."

Moily, however, did not agree with the suggestion that with the suspension of FDI decision, it was put in cold storage.

"In a democracy discussion is a must. When they want the discourse, they took a decision. Consultancy is required," he said.

Asked whether the corporate world needs FDI, he said, "This is not (about) the corporate world, the entire country needs it. Farmers also need it, consumers need it. There are the instruments where you can control inflation, create one common market, remove barriers. You can give better prices to farmers."