Union Commerce and Industry Minister Nirmala Sitharaman has said, the Government will soon come out with detailed norms to operationalise 100 per cent FDI in the food processing sector. The minister said, there are a lot of people who are interested in putting funds for creating value addition in the agricultural produce.
Finance minister Arun Jaitley in his Budget had proposed allowing 100 per cent foreign direct investment in marketing and processing of food products. Jaitley had said the move will benefit farmers, give an impetus to the food processing industry and create vast employment opportunities.
During April-December last year, FDI into the country grew by 40 percent to 29.44 billion dollars.