The Finance Minister has said that Foreign Direct Investment(FDI) inflows into India have remained robust despite global headwinds.
She stated that according to UNCTAD’s World Investment Report 2019. India’s FDI inflows in 2018-19 remained strong at US$ 64.375 billion marking a 6% growth over the previous year.
She has also proposed a 100% foreign direct investment (FDI) in the insurance intermediaries in the Union Budget 2019.The FDI limit is set at 49% currently.
Insurance intermediaries are the backbone of the industry.They help in distribution of insurance policies and also help customers get attractive rates for the products.
Further,the Government will also examine suggestions of further opening up of FDI in aviation, media (animation, AVGC) and insurance sectors in consultation with all stakeholders.
The minister has said local sourcing norms will be eased for FDI in Single Brand Retail sector.
Single brand retail are expected to sell all its products under only one label across its stores such as Think Levi’s,Starbucks or Ikea. While a multi-brand retail store is like your typical Big Bazaar which sweeps many brands under one roof.
The government is also contemplating organizing an Annual Global Investors Meet in India using National Infrastructure Investment Fund (NIIF) as an anchor to get all three sets of global players-industrialists, sovereign wealth funds and top digital technology/venture funds.