<
The Micro, Small and Medium Enterprises (MSME) Ministry today said it has not received any proposal to dilute guidelines related to foreign direct investment in the single-brand retail sector.
Foreign retailers who want to set up 100 pert cent single brand retail stores in India have raised concerns over the mandatory condition of 30 per cent sourcing from small and cottage industries.
"There is no proposal with this ministry at present for diluting FDI guidelines in single brand retail," MSME Minister Vayalar Ravi said in a written reply to the Rajya Sabha.
Ravi said the guidelines for FDI in retail were approved by the cabinet with inputs from all concerned ministries.
The government has eliminated 51 per cent cap on foreign direct investment (FDI) for single brand retailers like IKEA, Adidas, Louis Vuitton and Gucci.