No proposal to review FDI in multi-brand retail: Nirmala Sitharaman
Current foreign direct investment policy permits overseas players to hold 51 per cent stake in an Indian retail company.
New Delhi: The government today said there is no proposal under its consideration to review the foreign direct investment (FDI) policy in the multi-brand retail sector.
"No proposal is under consideration of the government to review the extant FDI policy on multi-brand retail," Commerce and Industry Minister Nirmal Sitharaman said in a written reply to the Lok Sabha.
The current foreign direct investment 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 that government has been interacting with investors to identify issues for promoting FDI in the food processing sector. "Several issues including sale of home and personal care products have been raised by investors," the minister said.
Food Processing Minister Harsimrat Kaur Badal had earlier indicated that the government is actively considering a proposal to allow FDI in non-food items, along with food products and a decision may be taken ahead of the mega world food event here in November.