New Delhi: Commerce and industry minister Suresh Prabhu has asserted there is a needto adopt policiesthat will help incoming foreign retailers work hand-in-hand with existing kirana stores.

"Earlier, there was fear among domestic retailers, when corporate houses entered," said Prabhu. "But now, there is a need to understand the complementarity between those already in business and those who will enter with more capital. How do we make the end consumer benefit? Public policy is all about that."

Currently, the FDI policy allows overseas companies to own up to 51% stake in an Indian multi-brand retail company. 

Prabhu, speaking at the CII National Retail Summit 2017 said the government is in the process of identifying retail as one of thebiggest growthsectors in India, as growth in retail will lead to growth in other sectors, including manufacturing.

"The opportunities in retail are immense. It will lead to job creation," said Prabhu. "India can manufacture many things but they have to be sold through retail."