There will be no change in policy on multi-brand retailing: Goyal in US

Union Minister of Commerce and Industry Piyush Goyal on Thursday categorically ruled out the entry of multi-brand retailing in India as such a move would destroy pop-and-mom stores like that of the US. Except for this, he said, India is open to all kinds of economic reforms necessary to take the country on an accelerated growth.

"If the need arises, we can re-look at any of these (policies) or the government has the authority through cabinet approval to allow greater percentages (of foreign stakes in various sectors). Or we can go to Parliament and change it also, not a problem, though I do not think any of these requires parliamentary changes," Goyal said in response to a question at the Centre for Strategic and International Studies think-tank here.

"The important area where sometimes, and particularly in countries like the US, I hear voices is about multi-brand retail. And that is a no-no. I want to make it loud and clear that there will be no change in our policy on multi-brand .