Speaking exclusively to NDTV after the UPA survived the trust vote, Commerce Minister Kamal Nath said that the government is currently not looking at allowing foreign direct investment into multi-brand retail. We are not looking at major reforms in the retail sector at this moment, he said.

However, Nath said that steps would be taken to bring easier foreign direct investment norms for retailing in sports goods.

He hinted that financial sector reforms could be first taken up now. We will look at what we can do for financial sector, Nath added. On the broader topic of reforms, he said that they have always been a calibrated process for the government. Other aspects associated with the reform also need to be looked at, he said, as every reform must be directed towards employment generation and economic activity.

Adding to the UPA’s relief has been a recent stabilisation in inflation, though it is still in double digits. We will have to live with inflation but for some time, the minister said, but it has benefitted farmers as prices have gone up.

He does not favour a ban on steel exports, saying that steps should be taken to ensure more supply-side management.

The sharp depreciation of the rupee has made Indian exports cheaper in the global markets. This is good for exporters, Nath said. On the other hand, exporters are learning to live with fluctuations and this resilience is required, he said.

On commodities, he said that he does not expect further ban on any of them now.