Rs.196 Cr ($42.70 Mn) FDI in Single Brand Retail in 3.5 yrs:Commerce Minister Informs MP Parimal Nathwani

New Delhi, 1 December, 2011

Amidst ongoing hue and cry over Government’s decision to allow FDI in multi-brand retail, the figures of FDIs in single brand retail are not so encouraging. In accordance with the reply tabled in rajya sabha by Mr. Jyotiraditya M Scindia, the union minister of state for commerce and industry, FDI inflows in single brand retail during last three and half years is only Rs 196 Crore i.e. US $42.7 million.

The minister was in response to a question from Jharkhand’s rajya sabha member Mr. Parimal Nathwani. The minister’s statement shows the FDIs inflow to the country during 2008-09, 2009-10, 2010-11 and 2011-12(upto September 2011) in as many as 63 various sectors of our commerce and industry was Rs 420,935.35 Crores i.e. US $91,728.96 million. FDI inflows for single brand retail trading was highest in 2010-11 which touched Rs 116.53 Crore i.e. US $ 25.84 million, the statement shows.

The maximum FDIs of Rs 78,351.06 Crore (US $16,906.65 million) was in service sector during 2008-09, 2009-10, 2010-11 and 2011-12(upto September 2011). Agriculture service sector received total Rs 6,352.62 Crores ($1351.95 million)’s FDI during the same three and half years period. The least FDI inflows reported in coal production and; glue and gelatin during this period was Rs 1.07 Crore i.e. US$ 0.22 million and Rs 1.32 Crore i.e. US $0.28 million respectively. Another sector of mathematical surveying and drawing instruments opened to FDI received a very negligible amount of Rs 0.01 Crore (only one lakh rupees) as FDI; as per the minister’s detailed statement.

Mr Scindia in his reply also stated that government had put in place an investor friendly policy on FDI. Significant changes have been made in the FDI policy regime in the recent times to ensure that India remains increasingly attractive and investor-friendly, the statement added.