Union Minister of Commerce and Industry Piyush Goyal ruled out the entry of multi-brand retailing in India on Thursday 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,” Mr Goyal said.
“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 retail. America has suffered the consequences of big tech and large retail and the interplay of the two leading to almost the annihilation of mom-and-pop stores across the length and breadth of the country,” he added.
The Union minister also said that the United States can afford it because its population is much smaller as compared to India and there are alternative avenues for people to do jobs in.
“And probably, you are satisfied that the rest of the youngsters are now just left to be sales delivery boys or delivery girls. That is a choice each country makes,” he noted.
