November 27, 2012

Indian parliament to debate, vote on retail sector reforms

The Indian Parliament will take up a decision on the government’s proposed reforms for the retail sector in the country and may subsequently vote on the proposals, if so allowed by the speaker of the House.

By admin-demo

The Indian Parliament will take up a decision on the government’s proposed reforms for the retail sector in the country and may subsequently vote on the proposals, if so allowed by the speaker of the House.

Opposition parties in India such as the Bharatiya Janata Party, the Left constituents and others have bitterly opposed the government’s retail reforms and are determined to vote them down in parliament.

Following days of disruptions to the parliament the government finally yielded to the opposition demands for a discussion and possible vote on the matter.

India’s Parliamentary Affairs Minister Kamal Nath conducted hectic parleys with allies and having secured necessary assurances remarked that the ruling coalition favored a debate but left the decision on voting to the speaker of the House.

"The UPA is fully united on any decision of the Speaker and the government.

"All constituents are firmly behind the government," said Nath.

India had unveiled a slew of reform measures in October 2012 which included 100% foreign direct investment and single brand retail while multi-brand retail was capped at 51% equity.

The move has been met with widespread protests with many investors now awaiting the parliament outcome to clear the logjam.