There is no proposal under government’s consideration to increase foreign direct investment (FDI) in the multi-brand retail sector, the Parliament was informed Wednesday. The information was given by the Commerce and Industry Minister Piyush Goyal in a written reply to the Lok Sabha.
“There is no proposal under consideration of the Government to increase FDI in multi brand retail sector in the country,” he said.
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India has received a FDI proposal in the sector from one foreign company of UK, he said. According to the FDI policy, a foreign retailer can take 51 per cent stake in a domestic firm under government approval route.