New Delhi: The Cabinet will soon take up the proposal to permit 100 per cent foreign direct investment
(FDI) in food processing sector through government approval route, sources said.
The Department of Industrial Policy and Promotion (DIPP) had proposed to allow FDI in marketing of food products produced and manufactured in India after approval from the FIPB.
Sources said that the government will not impose any conditions on the foreign players investing in the sector. The government is also likely to permit business-to-consumer online selling of food products produced and
manufactured domestically. "The DIPP has sent the proposal for the consideration of the Cabinet. They want to make the policy simple," the sources added.
The government has said FDI in food processing will benefit farmers, reduce wastage of fruits and vegetables, give impetus to the industry and create vast employment opportunities.
During April-December, FDI into the country grew by 40 per cent to USD 29.44 billion.
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Updated Date: Apr 28, 2016 08:45:40 IST