<p>"We are seriously considering to raise the bar further- that means to allow increased FDI," he said at a CII event on Indian luxury market here.<br /><br />At present, the government allows 51 per cent FDI in single-brand retail businesses run by global chains like Adidas, Nike, Louis Vuitton, Hermes and Gucci.<br /><br />However, he did not elaborate on how much percentage it needs to be raised. "How much it is, only when we take the decision you will get to know."<br /><br />He promised that the government would create an enabling environment for investors. "You bring in FDI or partnership, surely it will be a game-changer."<br /><br />Sharma said he would ask the Finance Ministry to lower tariff barriers as well. "Its the domain of the Finance Ministry. I will be meeting some (officials) of them today and we will see what we can do."<br /><br />On India-EU free trade agreement, Sharma said the chief negotiators are engaged. "This has taken us long. I have spoken to EU Trade Commissioner. We must bring it down to a closure...Once the FTA is signed, it will open a pathway for greater cooperation among the nations."<br /><br />India is in talks with the EU, its biggest trading partner, since June 2007 for liberalising trade in goods, services and investment through a Broad-based Trade and Investment Agreement (BTIA). Already 13 rounds of talks have taken place.<br /><br />Dismissing Crisil's lower GDP forecast of 7.6 per cent for 2011-12, he said: "India will definitely have 8 per cent growth because of its consumption patterns and higher saving rates."<br /><br />Crisil has scaled down the growth projections for India in view of the deteriorating global economic scenario and "grim investment climate in India on account of the policy environment".</p>
<p>"We are seriously considering to raise the bar further- that means to allow increased FDI," he said at a CII event on Indian luxury market here.<br /><br />At present, the government allows 51 per cent FDI in single-brand retail businesses run by global chains like Adidas, Nike, Louis Vuitton, Hermes and Gucci.<br /><br />However, he did not elaborate on how much percentage it needs to be raised. "How much it is, only when we take the decision you will get to know."<br /><br />He promised that the government would create an enabling environment for investors. "You bring in FDI or partnership, surely it will be a game-changer."<br /><br />Sharma said he would ask the Finance Ministry to lower tariff barriers as well. "Its the domain of the Finance Ministry. I will be meeting some (officials) of them today and we will see what we can do."<br /><br />On India-EU free trade agreement, Sharma said the chief negotiators are engaged. "This has taken us long. I have spoken to EU Trade Commissioner. We must bring it down to a closure...Once the FTA is signed, it will open a pathway for greater cooperation among the nations."<br /><br />India is in talks with the EU, its biggest trading partner, since June 2007 for liberalising trade in goods, services and investment through a Broad-based Trade and Investment Agreement (BTIA). Already 13 rounds of talks have taken place.<br /><br />Dismissing Crisil's lower GDP forecast of 7.6 per cent for 2011-12, he said: "India will definitely have 8 per cent growth because of its consumption patterns and higher saving rates."<br /><br />Crisil has scaled down the growth projections for India in view of the deteriorating global economic scenario and "grim investment climate in India on account of the policy environment".</p>