SC asks: Has FDI led to investments or is it a gimmick?

"We are not policy makers but it is also not correct that policy has to be sacrosanct every time. It can be examined within the Constitutional parameters. We don't substitute government policy but some regulatory norms have to be there. The apprehension is that these (big) companies can artificially reduce the price which the small traders cannot afford to do," the court said. "These apprehensions have to be cleared."

The court asked the Attorney General to file an affidavit within three weeks addressing issues relating to farmers' interests. While posting the matter after five weeks, it also asked PIL petitioner advocate M L Sharma to respond to the Centre's affidavit.

The PIL had challenged a government circular issued on September 20, allowing FDI in multi-brand retail, contending it had no legal sanctity since the RBI had not brought about the required amendments in the 2000 regulation as per the Foreign Exchange Management Act.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus