Aiming to attract more foreign investment, Union Finance Minister proposed relaxation in the FDI norms for sectors such as media, aviation, insurance, and single brand retail. In her maiden Budget speech, Sitharaman said that India’s FDI inflows in 2018-19 grew by 6 per cent to USD 64.37 billion. Budget 2019 LIVE Updates
“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.
Besides this, the minister also said 100 per cent foreign direct investment (FDI) will be permitted for insurance intermediaries, and local sourcing norms will be eased for FDI in single brand retail sector.
Presenting the Modi government’s budget, Sitharaman said the NDA government had set the ball rolling for a ‘New India’ in its first term and programmes will be accelerated and red tape reduced going forward.