New Delhi: The government will come out with “specific details” on the Budget announcement to permit 100 per cent foreign direct investment (FDI) in the retailing of food products produced and manufactured in India, a top official said on Friday.
“We will come out with specific details. The idea is to facilitate the processed food products which are manufactured in India, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said here at a Ficci function.
He said the details would be issued after the Union Cabinet’s approval.
In the Budget 2016-17, Finance Minister Arun Jaitley has announced 100 per cent FDI through government approval route in the marketing of food products produced and manufactured in India.
About the FDI relaxation in the insurance sector, the secretary said the Department of Financial Services is moving to amend the rules for the same. FDI in insurance is guided by the IRDA Act.
In the insurance and pension sectors, foreign investment has been allowed through automatic route for up to 49 per cent subject to the guidelines on Indian management and control, to be verified by the regulators.
Earlier, foreign investment up to 26 per cent was allowed through automatic route.