The Indian Parliament's winter session is likely to resume soon and the government will try to end an impasse caused by its decision to allow 51 percent Foreign Direct Investment (FDI) in the retail sector.
In an attempt to end that impasse, the Congress-led United Progressive Alliance (UPA) government has called for an all-party meeting on Wednesday morning.
The country's Finance Minister, Pranab Mukherjee, earlier called on Bharatiya Janata Party (BJP) leaders Sushma Swaraj and L K Advani; Communist Party of India (Marxist) MP, Sitaram Yechury; and Trinamool Congress leader, Mamata Banerjee, to inform them that the proposed FDI in retails would be put on hold till a consensus was reached.
The BJP, however, demanded a rollback in the reform and not a holdback. A more moderate stance was taken by the CPI (M) leader, who said Parliamentary proceedings should be allowed to continue as the government had agreed to put its decision on hold.
Meanwhile, the Congress' decision has disappointed investors. Shares of retailers such as Pantaloon Retail, Shoppers Stop and Trent have fallen.
