'Allow FDI in retail sector via automatic route'
The Assocham President added that the proposals should not be referred to FIPB.india Updated: Feb 15, 2006 17:29 IST
Assocham on Wednesday said the government should allow FDI in retail sector through the automatic route and not through Foreign Investment Promotion Board (FIPB).
"Once a policy decision has been taken to allow FDI in single brand retail, a standard set of rules should govern the administrative procedure," Assocham President Anil K Agarwal said in a statement.
The Assocham President further added that the proposals should not be referred to FIPB.
The present procedure of FDI proposals, of first approaching the Department of Industrial Policy and Promotion (DIPP) and then FIPB for the final decision, often leads to delays, he said.
Agarwal said the government's recent approval to allow FDI in single brand retail indicated that the DIPP and FIPB route would continue.
"The multi-stage approval would end up in delays, thus upsetting the global investors."
Government should continue to work for a political consensus for opening up FDI in full stream as well, he said.