India Will Not Change The 49% Ceiling On Foreign Ownership Of Multi Brand Retail Industry.

Piyush Goyal, Minister of Commerce and industry of India, ended the 3 day visit in the UK in July 16th (2019), and in the India UK economic and Trade Joint Committee (Joint Eco) Nomic and Trade Committee (JETCO) said that the regulations on multi brand retailing in India's foreign direct investment (FDI) are well thought out policies, and there will be no change in the short term. The upper limit of 49% of foreign ownership must be observed.

Boris Johnson, the leading British candidate, recently expressed disappointment at the fact that retailers such as Sainsbury s and Waitrose could not set up a stronghold in India and hoped that India could open up many excellent brands in the UK. "Johnson" Goyal minister responded that India's retail industry norms consider the advantages of many small local retailers to serve the vast majority of India market. Such a system has been deeply rooted in India's rural culture. India government does not want to change this situation at present.

Goyal Minister stressed that India has agreed to open up a single brand retailing industry. In the future, more international enterprises will establish strongholds and expand businesses in India. These enterprises can not only meet the requirements of 30% local procurement through export ratio, but also integrate the international supply chain, which is a win-win situation for both enterprises and India.

In response to the outcome of the current India UK Joint Economic and Trade Joint Committee, Minister Goyal said he observed that the British government was eager to create the biggest opportunity to take advantage of Europe. However, the bilateral agreements between Britain and any other country were difficult to finalize before the completion of the European Union. However, if the two countries can continue their dialogue, they will fully address the concerns in the coming 12~15 months. Once the EU is formally completed, there will be a major announcement to enhance bilateral relations.

In addition to serving as Minister of Commerce, Minister Goyal also served as Minister of Railways at the International Trade Department of the United Kingdom (Department of Internatio). Nal Trade, DIT), held in India day (India Day) activities, said that the joint cooperation between India and the United Kingdom has a cost competitive advantage, looking forward to bilateral investment prospects. When asked recently that the British Parliament had lost many opportunities for bilateral relations between India and Britain, Minister Goyal said that these problems could be solved after the European Union broke out in the late 2020, and many missed opportunities will be realized.