Piyush Goyal rejects the possibility of entry of multi-brand retailing in India

New Delhi| Union Commerce and Industry Minister Piyush Goyal rejected the possibility of entry of multi-brand retailing in India. He said that perhaps doing so would destroy pop-and-mom stores like America. Apart from this, India is ready for all necessary economic reforms to take the country towards rapid development.

Union Minister Goyal, in response to a question at the Center for Strategic and International Studies think tank, said that if needed, we can reconsider any of these policies. The government has the power to allow increase in foreign stake in various sectors through cabinet approval. We can also make changes in it by going to Parliament. There is no problem with that, although I do not think any of this requires parliamentary changes.

He said that in countries like America, I often hear one thing and that is multi-brand retail. Such sounds are heard in many places except America. This is not fair at all. I want to make it clear that there will be no change in our policy on multi-brand retail. America has had to suffer the consequences of big technology and big retail. Due to the mutual influence of these two, small stores have almost been destroyed across the country.

Goyal said that the United States can also do this, because the population here is much less than India. Along with this, there are also alternative ways for people to do jobs. Perhaps you have also accepted that the rest of the youth are now left only to become sales delivery boys or delivery girls. This can be every country’s own decision and election.

Senior leader of the ruling Bharatiya Janata Party (BJP) and Union Minister said that there are about 100 billion small stores in India. In every village you visit, you will find 10 or 12 small shops selling a wide variety of products. There will be 10 or 12 small shops offering different services. There will be a pharmacy in almost every corner. We believe that they all play a very important role. We want them to keep moving forward with technology. We are happy if they integrate with e-commerce or get a chance to confront the business practices of e-commerce companies, but we are not considering changing the rules of e-commerce. He also said that 100 per cent foreign ownership is allowed in India even in the defense sector.