No FDI application has been granted waiver from local sourcing norms: MoS Commerce

New Delhi, Aug 1 (KNN) No FDI application has been granted waiver from local sourcing norms on the basis of state-of-art or cutting-edge technology till now, Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Rajya Sabha, said.

Single Brand Retail Trading (SBRT) sector has received total FDI equity of USD 1,048.14 million from April, 2006 to March, 2018.

FDI policy on SBRT has been in operation since 2006. From 2006 till 29.03.2018, 112 brands have obtained the approval of Government in this regard. After 29.03.2018, FDI upto 100% under automatic route has been allowed in SBRT for which no prior approval is required.

A Committee under the chairmanship of Secretary, Department of Industrial Policy and Promotion, with representatives from NITI Aayog, concerned Administrative Ministries and independent technical experts on the subject, examine the claim of applicants on the issue of the products being in the nature of state-of-art and cutting-edge technology, where local sourcing is not possible and gives recommendations for such relaxation.

Foreign Investment in Single Brand product retail trading is aimed at attracting investments in production and marketing, improving the availability of such goods for the consumer, encouraging increased sourcing of goods from India, and enhancing competitiveness of Indian enterprises through access to global designs, technologies and management practices.