- 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.
