“Out of the question.” That was Commerce and Industry Minister Piyush Goyal’s reply to Business Standard in an interview a few days ago when asked about the scope for foreign direct investment (FDI) liberalisation in multi-brand retail. This remark coincides with India celebrating 10 years of its signature scheme: Make in India.
It’s a different matter that FDI in multi-brand retail is already allowed, but has remained only on paper the last 10 years. The Congress-led United Progressive Alliance government announced a multi-brand retail policy in 2012, allowing up to 51 per cent FDI. However, while international retail
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper