Govt to clear IKEA proposal soon: Anand Sharma

Nov 08 2012, 19:55 IST
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IKEA retail store. (Reuters) IKEA retail store. (Reuters)
SummaryIKEA has sought approval to invest Rs 10,500 crore to set up single-brand retail stores in the country.

investment rate must go to 38 per cent".

The Minister also urged the RBI to cut interest rates to boost investments.

"What is more important is investment, economic activities and job creation and for that easy availability of credit to industry is imperative and I hope the RBI will take a view soon," he said.

When asked whether the forthcoming winter session of Parliament will pass the government's decision to increase FDI cap in insurance sector, he said : "I hope that the session will be productive. We cannot continue with the situation where the highest forum of discussion, debate and decision making is sought to undermined".

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