No foreign equity in multi-brand retail: Minister

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New Delhi, Aug 13 (IANS) Prime Minister Narendra Modi’s government will not permit foreign equity in multi-brand retail trade, which was an assurance in the party’s election manifesto, Commerce Minister Nirmala Sitharaman said Wednesday. In separate statements in the two houses of parliament, the minister said the Bharatiya Janata Party (BJP) had opposed any move in this regard as it will kill small traders and farmers. We do not entertain FDI (foreign direct investment) in multi-brand retail,” she said in the Rajya Sabha during question hour. In a related written reply to the lower house, the minister said: “As per the extant FDI policy, FDI upto 100 percent is permitted in single brand retail trading.


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