No rethink on FDI curbs in multi-brand retail sector: Piyush Goyal

Union Minister for Commerce & Industry Piyush Goyal. File
| Photo Credit: PTI

Commerce and Industry Minister Piyush Goyal while speaking at a session on India’s evolving manufacturing landscape hosted by the Center for Strategic and International Studies in the United States of America said there will be no rethink on the Foreign Direct Investment (FDI) curbs in the multi-brand retail sector.

Noting that several U.S. investors had brought up the issue, Mr. Goyal said: “That’s a No-No. I want to make it loud and clear… America has suffered the consequences of Big Tech and large retailers and the interplay leading to the almost annihilation of Mom and Pop stores… You could afford it because your population is much smaller, there are alternate avenues for people to do jobs in, and probably you are satisfied that now the rest of the youngsters will probably be just sales or delivery boys or delivery girls. That’s a choice each country makes. India has nearly 100 million small mom and pop stores across the length and breadth of the country. In every village that you go to there will be 10 or 12 small stores selling different products and services. There will be a pharmacy in almost every corner. We believe that they play a very important role and we want them to be integrated with technology and e-commerce, or get a chance to withstand the business practices of e-commerce companies but we are not looking at changing the rules of e-commerce.”