Piyush Goyal, the Commerce and Industry Minister, that the government has no proposal to allow foreign companies to operate multi-brand retail. However, he has indicated to foreign investors that there will be easing of rules for single-brand retail soon.
He stated that there is a need to create a conducive environment for retail trade by simplifying rules and regulations hindering the growth of the retail sector.
The government is proposing to formulate a National Retail Trade Policy. The Department for Promotion of Industry and Internal Trade (DPIIT) has held a number of interactions with industry, trade associations, central government ministries concerned and departments and state governments to consider issues facing the retail sector and possible solutions for resolving them.
“Valuable suggestions have been received in this regard. Necessary steps for the formulation of a National Retail Trade Policy are underway. The government aims to make a decision in this regard at an early date,” Goyal said.