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Wrong to say FDI policy will hit SMEs: Min

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Anand Sharma says multi-brand retailers can't source manufactured goods from overseas and sell here, as there are stipulations that 50 p.c. of the investments by them would be from SMEs

NEW DELHI, INDIA: The Centre will shortly announce details of four Mega Industrial Zones that will be created along the Delhi-Mumbai Industrial Corridor in states of Maharashtra, Rajasthan, Andhra Pradesh and Gujarat, said union minister for Commerce & Industry and Textiles Anand Sharma here on Wednesday.

“As soon as forthcoming assembly elections are concluded and their results declared, the Commerce and Industry Ministry will declare comprehensive details of the proposed zones in consultation with the state concerned, one by one or even simultaneously," Sharma said, while delivering the valedictory address at the conclusion of 84th Annual General Meeting of FICCI.

The Delhi-Mumbai industrial corridor project which would be funded by India and Japan is expected to catapult economies of the seven states through which the corridor will run. It will benefit more those states which have moved faster on setting up mega industrial zones, he said. 

Also read: New FDI policy will benefit SMEs: India Inc

Referring to recently announced manufacturing policy, Sharma said that its execution will be a priority for the UPA government as it is through this policy measure that the government has committed to create 100 million jobs in next ten years.

He asked industry to shun its sense of despondency which seemed to have arisen out of a trust deficit and come forward to forge closer partnership with the government.

The trade minister said that the Commerce and Industry Ministry would go ahead with its agenda of deepening its engagement with ASEAN, Africa and other parts of the world, besides intensifying such partnerships in the Asian region.

He added Foreign direct investments in multi-brand retail and other areas of economic activities would be pursued with a consensual approach.

"It is wrong to say that multi-brand retailers will source manufactured goods from overseas and sell here; we have stipulated that 50 per cent of the investments by them would be in rural areas, from small and medium entrepreneurs so that farmers and consumers are freed from exploitation," Sharma said.

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