Delhi's decision on FDI in retail unfortunate: PHDCCI

The recent announcement of Delhi government to withdraw the FDI policy in multi-brand retail trading is "unfortunate" and it would send wrong signal to global investors, industry body PHDCCI today said.
"...Opposition (by Delhi Chief Minister Arvind Kejriwal) to such policy measures...Will discourage investors to participate in India's growth story," the chamber said in its survey.
Majority of the participants felt that the investment environment may not improve this year due to policy reversals, it said.
"Such trends would have an impact especially to fledgling economy such as India," it said adding there is a need to inject fresh hopes in domestic and overseas investors to send out a clear cut message that policies are adhered to in India.

On the Delhi government's move on FDI in retail, it said that the industry was not supportive of such reversal connotations.
In a major policy reversal, the AAP government has written to the Centre to withdraw the approval given by the previous Sheila Dikshit government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
The survey said reversal of notified decisions would give the message of policy vulnerability in the country.
"...Recent announcement in terms of policy reversal by the new government in Delhi is unfortunate. It will not only impact the FDI in multi-brand retail but the overall sentiments of foreign investors," it added.