International Direct Funding (FDI) norms have been relaxed by the federal government in Price range 2019-20 for sectors equivalent to media, aviation, insurance coverage and single model retail with a view to draw extra abroad funding.
Finance Minister Nirmala Sitharaman in her Price range speech mentioned that India’s FDI inflows in 2018-19 grew by 6 per cent to $64.37 billion.
“I propose to further consolidate, the gains in order to make India more attractive FDI destination. The government will examine suggestions of further opening up of FDI in aviation, media, AVGC (Animation, Visual effects, Gaming and Comics) and insurance sector in consultation with stakeholders,” she mentioned.
The minister mentioned 100 per cent overseas direct funding (FDI) will probably be permitted for insurance coverage intermediaries, and native sourcing norms will probably be eased for FDI in single model retail sector.
At present, as per the FDI coverage, 49 per cent overseas funding is allowed within the insurance coverage sector, which incorporates insurance coverage broking, insurance coverage corporations, third social gathering directors, surveyors and loss assessors.
Equally, 26 per cent FDI is permitted with authorities approval in publishing of newspaper and periodicals coping with information and present affairs; and publication of Indian editions of overseas magazines in information and present affairs.
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