“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,” Goyal said in response to a question at the Centre for Strategic and International Studies think-tank here.
“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 said.
Goyal said the United States can afford it because its population is much smaller 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.
“India has nearly 100 billion small mom-and-pop stores in the length and breadth of the country. In every village that you will go to, there will be 10 or 12 small shops selling different types of products. There will be 10 or 12 small shops providing different services. There will be a pharmacy in almost every corner around the country,” the minister said.
“We believe that they all play a very important role. We want them to be integrated with technology. We are happy if they get integrated with e-commerce or get a chance to withstand the business practices of the e-commerce companies. But we are not looking at changing the rules for e-commerce. Other than that, there is no sector left where we have any restrictions whatsoever,” he said.
The senior leader from the ruling Bharatiya Janata Party (BJP) said even in defence, 100 per cent foreign ownership is allowed in India.
“Space has been opened up to foreign ownership. It is a very open country. Money can move in and out pretty much easily with no stoppages, but there could be a process required just to make sure there is no money laundering or there is no round-tripping of money going out of India and coming back into the country as a tax arbitrage. A few safeguards are there,” he said, adding that today, nobody is telling him that they are not investing in India due to any of the government policies.