No proposal to impose restrictions on FDI in retail: Nirmala Sitharaman

New Delhi: There is no proposal to impose restrictions on foreign direct investment (FDI) in the retail sector, Parliament was informed today. "There is no proposal to impose restriction of FDI in retail and agriculture sector in the country," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

The reply assumes significance as the minister had earlier said that the government will not ‘entertain’ foreign direct investment in multi-brand retail trading. India permits 51 per cent FDI in multi-brand retail and 100 per cent overseas investments in single retail sector. Replying to a separate question on free trade agreement, she said that India and the European Union are presently negotiating a bilateral Broad based Trade and Investment Agreement (BTIA).

"So far 15 rounds of negotiations have been held. The last engagement between both sides was held in May 2013 in NewDelhi. Since then, EU had largely disengaged from the negotiation. However, recently a meeting was held between both sides to take stock," she said.