DIPP Moves Fi­nal Cabinet Note on 100% FDI in Food Pro­cess­ing

The Economic Times - - Economy: Macro, Micro & More -

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.

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