No proposal under consideration to increase FDI in multi-brand retail: Goyal

There is no proposal under government's consideration to increase foreign direct investment (FDI) in the multi-brand retail sector, the Parliament was informed Wednesday. The information was given by the Commerce and Industry Minister Piyush Goyal in a written reply to the Lok Sabha.

"There is no proposal under consideration of the Government to increase FDI in the multi-brand retail sector in the country," he said. India has received an FDI proposal in the sector from one foreign company of UK, he said.

According to the FDI policy, a foreign retailer can take 51 percent stake in a domestic firm under the government approval route.