New Delhi, Dec 13 (KNN) To change the existing foreign direct investment (FDI) policy in the multi-brand retail trading sector, Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that there is no such proposal to change this.

Replying to a question whether the government is looking at increasing FDI cap to 100 per cent in the sector, a politically sensitive segment at CII's conference on 'MNCs and India: Creating Mutual Value', Abhishek said “You know the multi-brand retail policy that exists today. There is no proposal for change.”

Speaking on the occasion, Abhishek said that the USD 650 billion retail sector is growing fast and that it holds huge potential for businesses. 

"Organized retail is only 10 per cent (of this figure) and out of that e-commerce is only 3 per cent. I think there is a tremendous scope for growth in e-commerce and organized retail," he added.

With growing middle class and increasing incomes, the retail sector is set for a massive revolution, Abhishek pointed.

Further, the secretary asked the industry to provide convincing arguments and detailed analysis while recommending some policy changes.