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

NEW DELHI: 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 multi brand retail sector in the country," he said.

India has received a FDI proposal in the sector from one foreign company of UK, he said.

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