Curbs on FDI in single-brand retail to be eased, those on multi-brand will continue, says Goyal

Commerce and Industry Minister Piyush Goyal has indicated to foreign investors that there will be easing of rules for single-brand retail soon but the restrictions on multi-brand retail would continue.

Addressing the CEOs of multi-national companies, at a meeting of the India-UK Joint Economic and Trade Committee in London, Goyal said India had opened up opportunities for single brand retail and will ease some “detrimental clauses’’ of the policy in the next few weeks which will help foreign investors, said an official release.

Earlier, Goyal had said in an interaction with BusinessLine that the government was looking at allowing foreign investors in single brand retail to meet their 30 per cent mandatory local sourcing requirement by also exporting the products they manufacture, apart from selling it in their stores in the country.