DIPP Moves Final Cabinet Note on 100% FDI in Food Processing
New Delhi: The final cabinet note on allowing 100% FDI (foreign direct investment) in food processing sector has been moved by the Department of Industrial Policy and Promotion (DIPP), reports Our Bureau.
Finance Minister Arun Jaitley had said in his Budget speech, “100% FDI will be allowed through FIPB route in marketing of food products produced and manufactured in India. This will benefit farmers, give impetus to food processing industry and create vast employment opportunities.” “Only food items will be a part of the policy...non-food items cannot come in the garb of food,” a senior government official said. Food Processing Industry is one of the major employment intensive segments contributing 13.04% of employment generated in all Registered Factory sector in 2012-13.
In 2013, India allowed 51% FDI in multi-brand retailing with 30% domestic sourcing norm. It ranked sixth in the World in exports of agricultural products in 2013.