Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman

Union Budget 2019-20: Govt contemplating higher FDI in aviation, media, says Sitharaman

ANI | Updated: Jul 05, 2019 11:59 IST

New Delhi [India], July 05 (ANI): The government is contemplating enhancing foreign direct investment (FDI) in media and aviation sectors, Finance Minister Nirmala Sitharaman said on Friday.
Sitharaman, while presenting the Union Budget 2019-20 in Parliament, also said 100 per cent FDI will be permitted for insurance intermediaries.
"Global FDI flow slipped by 13 per cent in 2018 to USD 1.3 trillion, from 1.5 in the previous year. However, India's FDI flows in 2018-19 remained strong at USD 54.2 billion, six per cent higher than last year," she detailed.
"The government will invite suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will be permitted for insurance intermediaries," Sitharaman said.
In the single-brand retail sector, Sitharaman said local sourcing norms for FDI will be eased in a bid to encourage investment.
High time India not only gets integrated into the global value chain but also become part of the system on global savings, she said.
The Finance Minister also said the government is contemplating organising an annual global meet to get all three sets of global players - industrialists, corporate leaders, corporate sovereign and venture funds - under one roof using National Investment and Infrastructure Fund (NIIF) as the anchor.