India's decision on FDI in multi-brand retail to be respected

Tags: News
The indication by the BJP government not to allow multi-brand retail by foreign players, was to be respected, British Deputy High Commissioner Scott Furssedonn-Wood said today.

"This is a decision of an individual country and we respect the decision," Furssedonn-Wood said when asked to speak on Commerce and Industry minister Nirmala Sitharaman comments that indicated not allowing foreign players in multi-brand retail.

The previous Congress-led UPA government had allowed FDI in multi-brand retail only on one investment proposal by UK-based Tesco.

Tesco had formed a 50:50 joint venture with Tata group's Trent Hypermarket Ltd to enhance presence in the country.

Furssedonn-Wood was optimistic about making the relationship between the two countries stronger and deeper.

He said British Premier David Cameron was the first world leader to speak to Indian Prime Minister Narendra Modi to congratulate him on his election victory.

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