New Delhi: Commerce and Industry Minister Anand Sharma on Wednesday asserted that policy formulations such as allowing foreign direct investment (FDI) in multi-brand retail trade was the prerogative of the elected government of the day.
The Union Minister dismissed the threat of the Bharatiya Janata Party (BJP) that FDI in retail could be scrapped if the National Democratic Alliance (NDA) comes to power.
"I am shocked that at a time when there are serious challenges to economy, the BJP is trying to confuse and scare away the foreign investors...this statement reflects and confirms the cynicism of the principal opposition party," Sharma told reporters.
Earlier on Wednesday, BJP chief spokesperson Ravi Shankar Prasad had said, "We are opposed to FDI in multi-brand retail and once we come to power, the consequences will follow".
Sharma said investments would come to India in response to the extant policy.
"No government can arbitrarily reverse (policies), because the legal consequence follow...they cannot lawfully do," Sharma said.
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