Published on 5/07/2019 12:28:11 PM | Source: HT Media

Sitharaman proposes easing foreign investment rules to spur economy

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New Delhi: To attract more global investment, the government will consider further opening up of foreign direct investment (FDI) in aviation, media, animation, and the insurance sector in consultation with stakeholders, Finance Minister Nirmala Sitharaman said on Friday while presenting her maiden Union Budget.

She said the government will likely permit 100% FDI for insurance intermediaries.

Despite global headwinds, India's FDI inflows rose 6% in 2018-19 to $64.37 billion, she added.

"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 said.

Currently, the government allows 26% FDI in publishing of newspapers and periodicals involved with news and current affairs through the approval route, while in aviation, foreign carriers are allowed to own 49% in Indian carriers.

Sitharaman also said the government will look at local sourcing norms for FDI for single-brand retailing sector.