Government favours 100% FDI in multi-brand processed food retail – Feedback

Union Food Processing Industries Minister Harsimrat Kaur Badal said the government favoured 100 percent FDI in multi-brand retailing of processed food items, but the MNCs will have to divert 15 percent funds for building infrastructure at the “farm gate level”.

She said the multi-national companies in the sector can play a “catalytic role” in transforming the farm economy in the country. The Commerce Ministry is “framing guidelines” for the proposed Foreign Direct Investment (FDI), on which a decision has already been agreed upon in principle by the union cabinet, she told the media here while listing out her ministry’s achievements in the last two years. “We had suggested the FDI route. My ministry believes the entry of multinational companies will play a catalytic role in transforming rural and farm economy if they enter the retail market,” the minister said.

http://www.business-standard.com/article/news-ians/government-favours-100-fdi-in-multi-brand-processed-food-retail-badal-116060201257_1.html

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