“There is no proposal under consideration of the government to review the FDI policy on multi-brand retail,” union commerce and industry minister Nirmala 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.
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 to be held in New Delhi on November.
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