Piyush Goyal rules out any changes in FDI norms for multi-brand retail

India's foreign direct investment (FDI) norms in the multi-brand retail sector are a very well thought out policy which are unlikely to change any time soon, commerce and industry minister Piyush Goyal said Tuesday.

Speaking on the sidelines of an India Day event organised by the UK's Department for International Trade (DIT), the minister said the 49 per cent FDI threshold in multi-brand retail must be respected in letter and spirit by all foreign brands.

Britain's prime ministerial frontrunner Boris Johnson had recently expressed his disappointment at UK retailers like Sainsbury's and Waitrose not being able to set up base in India and had said he would like to see India opening up to more of our great brands . "On multi-brand retail we are very clear as of now it's a 49 percent restriction for foreign investment," Goyal said, when Johnson's recent intervention was put to him.