12:30 PM
The government has said that there has been no change in FDI policy related to retail and defence, Upadhyay said after meeting with Finance Minister Arun Jaitley
Narendra Modi
Within days of opposing the recent FDI liberalisation policy of the government, BJP-backed Bharatiya Mazdoor Sangh (BMS) on Friday took a U-turn saying it is satisfied with the government's explanation on the reforms and is not opposed to it.
"Whatever the Finance Minister explained (on recent liberalisation in FDI policy) we are satisfied with that," BMS General Secretary Virjesh Upadhyay said. The government has said that there has been no change in FDI policy related to retail and defence, Upadhyay said after meeting with Finance Minister Arun Jaitley here. Whatever changes have been made, they are just procedural in nature, he said.
For example, the government relaxed foreign direct investment norms in the defence sector by allowing FDI up to 49% under automatic route and beyond that through FIPB's approval. The meeting was also attended by Commerce and Industry Minister Nirmala Sitharaman.
According to Upadhyay, Sitharaman assured them that her ministry will soon call a stakeholders' meeting to understand concerns of each and every sector. A day after the government unveiled a liberalised FDI policy, BMS had strongly opposed the decision to allow foreign investment in retail and defence sectors, and wrote to Prime MinisterNarendra Modi seeking review of the decision.
It had also demanded that the government should review its stand and come out with a white paper explaining the merits of FDI in the country since 1991 which BMS says has been detrimental to the economy.
The BMS leadership had also threatened the government with an open confrontation on streets unless a review was done.
Narendra ModiWithin days of opposing the recent FDI liberalisation policy of the government, BJP-backed Bharatiya Mazdoor Sangh (BMS) on Friday took a U-turn saying it is satisfied with the government's explanation on the reforms and is not opposed to it.
"Whatever the Finance Minister explained (on recent liberalisation in FDI policy) we are satisfied with that," BMS General Secretary Virjesh Upadhyay said. The government has said that there has been no change in FDI policy related to retail and defence, Upadhyay said after meeting with Finance Minister Arun Jaitley here. Whatever changes have been made, they are just procedural in nature, he said.
For example, the government relaxed foreign direct investment norms in the defence sector by allowing FDI up to 49% under automatic route and beyond that through FIPB's approval. The meeting was also attended by Commerce and Industry Minister Nirmala Sitharaman.
According to Upadhyay, Sitharaman assured them that her ministry will soon call a stakeholders' meeting to understand concerns of each and every sector. A day after the government unveiled a liberalised FDI policy, BMS had strongly opposed the decision to allow foreign investment in retail and defence sectors, and wrote to Prime MinisterNarendra Modi seeking review of the decision.
It had also demanded that the government should review its stand and come out with a white paper explaining the merits of FDI in the country since 1991 which BMS says has been detrimental to the economy.
The BMS leadership had also threatened the government with an open confrontation on streets unless a review was done.
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