With an attempt to catalyze foreign investments, the Commerce and industry minister Anand Sharma indicated that the centre is likely to announce major decisions on opening up of multi-brand retail to foreign stores and permitting overseas airlines to acquire stakes in Indian carriers by the mid-September.
The ministry affirmed some aggressive policy measures relating investments and FDI to spur India’s economic growth. It confirmed that some senior secretaries of the ministries and concerned departments along with key ministers and the prime minister were consulted and also promised to take decisions to improve economic climate in the country within three weeks.
The government had decided to defer its decision allowing 51% FDI in multi-brand retail after widespread protests from some allies in the UPA. A decision on 49% investment in Indian carriers by foreign airlines is also stuck because of opposition from Trinamool Congress.