Centre: No proposal to review FDI in multi-brand retail

The government on Monday said there is no proposal under its consideration to review the foreign direct investment (FDI) policy in the multibrand retail sector.“No proposal is under consideration of the government to review the extant FDI policy on multi-brand retail,” Commerce and Industry Minister Nirmala Sitharaman said inawritten reply to the Lok Sabha.The current FDI policy permits overseas players to hold 51 per cent stake in an Indian retail company.So far, only one foreign player, Tesco, has received approval for opening stores under the multi-brand retail policy.Replying to a separate question, she said the government has been interacting with investors to identify issues for promoting FDI in food processing.

11TH APRIL,2017,BUSINESS STANDARD,NEW-DELHI

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