FDI in retail: Mamata says FDI decision put on hold, government mum

The United Progressive Alliance government may have put on hold its decision on foreign equity in retail, given the fierce resistance from both opposition as well as key allies, according to West Bengal chief minister Mamata Banerjee. But there was no formal announcement from the government on the issue. 

Banerjee -- who heads the Trinamool Congress, a key partner in the ruling United Progressive Alliance (UPA) that is against the reform policy -- said finance minister Pranab Mukherjee had told her that the decision would be suspended for sometime. 

RBI reserves right to check rupee fall



The Reserve Bank of India (RBI) has asserted that it will not hesitate to use all available instruments to prevent downward rupee spiral
“Usually RBI does not strongly intervene in the currency market to achieve specific exchange rate targets. However, in volatile market conditions that we see today, RBI intervention to keep markets orderly and prevent a downward spiral of rupee is justified,” said Reserve Bank of India Deputy Governor Subir Gokarn in a video message delivered to the delegates at the Confederation of Indian Industry's (CII), ‘The CFO Summit 2011' with the theme ‘Changing dynamics of finance leadership' here.
 
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