Deadlock over FDI ends after all-party meet

New Delhi: A major breakthrough has been achieved at the all-party meeting with regard to the deadlock over foreign direct investment (FDI) in retail on Wednesday.

The government, after meeting its allies and opposition parties, agreed to suspend 51 per cent FDI in retail till a consensus is achieved among all parties.

Speaking in the Lok Sabha on the decision, Union Finance Minister Pranab Mukherjee said that the consensus would be reached through consultations.

"Decision on FDI in retail has been suspended till consensus is reached through consultations with stakeholders," he said.

"Stakeholders include political parties and states."

Responding to his statement, Leader of Opposition in Lok Sabha, Sushma Swaraj said, "Decision to suspend FDI in retail is a victory of democartic process. We Congratulate the government for listening to the voice of the masses."

Earlier, addressing mediapersons after the meeting, Union Minister Farooq Abdullah said that the Opposition had agreed to let the Parliament function normally.

Congress leader Rajiv Shukla also confirmed the decision, saying, "The opposition has agreed to let Parliament function. They have sought some clarifications."

Reacting to the development, CPI leader D Raja said that the move was a virtual rollback.

CPM leader Sitaram Yechury said that they always wanted the government to review its decision.

"We always wanted the government to review the decision. It is a virtual rollback. Any decision will be taken in consultation with all the stakeholders," he said.

Key UPA ally Trinamool Congress also expressed happiness over the decision.

"We are happy that this decision has been taken. Mamata was already told about it. We are also happy that the BJP also agreed to this suspension of the decision," said TMC MP Sudip Bandyopadhyay.