No rethink on FDI restrictions in multi-brand retail sector: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal. File | Photo credit: PTI

Commerce and Industry Minister Piyush Goyal, at a session on the evolving Indian manufacturing landscape organized by the Center for Strategic and International Studies, United States of America, said there will be no rethink on curbing foreign direct investment (FDI). ) in the multi-European economy. brand retailing.

Noting that several US investors had raised the issue, Mr Goyal said: “That’s a no-no. I want to make it loud and clear… America has suffered the consequences of Big Tech and big retailers and the trade-off that has led to the near destruction of Mom and Pop stores… You could afford it because your population has a lot is smaller, there are alternative avenues for people to work in, and you are probably content that the rest of the young people will now probably just be salesmen, delivery boys or delivery girls. That is a choice that every country makes. India has nearly 100 million small mom-and-pop stores spread across the country. In every village you go to, there are 10 or 12 small shops selling different products and services. In almost every corner there will be a pharmacy. We believe they play a very important role and we want them to be integrated with technology and e-commerce, or given the opportunity to withstand the business practices of e-commerce companies, but we are not looking at changing the rules of e-commerce.”