New Delhi: Commerce and Industry Minister Anand Sharma on Thursday asserted that policy formulations such as allowing FDI in multi-brand retail trade was the prerogative of the elected government of the day, while dismissing BJP's threat that it could be scrapped if NDA comes to power.

"I am shocked that at a time when there are serious challenges to economy, the BJP is trying to confuse and scare away the foreign investors ... this statement reflects and confirms the cynicism of the principal opposition party," Sharma said.

Earlier in the day, BJP chief Spokesperson Ravi Shankar Prasad had said :"We are opposed to FDI in multi-brand retail and once we come to power, the consequences will follow".

Sharma said investments would come to India in response to the extant policy.

No government can arbitrarily reverse (policies), because the legal consequence follow ... they cannot lawfully do," Sharma said.

Sharma said the policy decisions taken by the elected government of the day cannot be disturbed and reversed, otherwise legal consequences would follow.

"India is signatory to international treaties and bilateral investment protection and promotion agreements, which will all get invoked. What BJP has said today I never thought that we will have such a statement at such a time," he added.

The Commerce and Industry Minister said it was the BJP headed NDA government which first proposed FDI in multi-brand retail in August, 2000.

"The BJP when it was in the government, leading the NDA coalition, had taken many policy decision ... it was the BJP government which allowed organsised retail to come up in India," he said adding the "Congress in its progressive thinking did not reverse or oppose" the decisions.

He asked the BJP to show "some rational" and cynicism.

(Agencies)

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