India's Stance on Multi-Brand Retail and Economic Reforms

Union Minister Piyush Goyal firmly stated that multi-brand retail will not be allowed in India, citing the protection of mom-and-pop stores. India is open to other economic reforms and increasing foreign stakes, already allowing full foreign ownership in defense and space sectors.

Union Minister Piyush Goyal on Thursday asserted that India will not allow multi-brand retailing, a decision aimed at safeguarding local mom-and-pop stores from the fate witnessed in the US. He emphasized India's openness to other economic reforms necessary for accelerated growth.

Addressing concerns at the Centre for Strategic and International Studies, Goyal noted that while some policies can be re-evaluated, the stance on multi-brand retail remains unchanged to prevent detrimental impacts on local businesses.

The minister highlighted India's open policy for foreign ownership in sectors like defense and space, noting seamless money movement into and out of the country, albeit with safeguards against money laundering. Despite this openness, multi-brand retail remains a firm exception.

(With inputs from agencies.)