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MoFPI registers 40 per cent increase in FDI, amounting to $770 million
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Thursday, 27 July, 2017, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The ministry of food processing industries (MoFPI) registered a 40 per cent hike in foreign direct investment (FDI), amounting to approximately $770 million, in the last fiscal. On an average, it records about $500 million as FDI in a fiscal.
“We have already received $187 million in two months of this fiscal. And we hope that this trend continues and we register even more after the 2017 World Food India Summit, slated to take place between November 3 and 5,” said food processing industries minister Harsimrat Kaur Badal.
She added that since the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government came to power, with prime minister Narendra Modi at the helm, in 2014, the food processing industry has already crossed the $1-billion mark as FDI.
As far as permitting other products alongside food products under the rules for FDI in food retail was concerned, Badal said the matter was under consideration with the government, adding that a decision in this regard was expected to be taken before the summit.
The minister added that her ministry was working on a possible legislation on the model food processing policy, which it had put forth earlier for the states to follow and create their respective laws.
Meanwhile, giving details about the summit, Badal stated that 17 countries had given it their consent, adding that 30 more were expected to join. At the second round of talks, which was held in New Delhi on Wednesday, several of those nations’ ambassadors and other members of 29 countries’ consulates were present.
The minister informed, “Twenty-three chief executive officers (CEOs) of companies from across the globe, and over 1,500 companies, are expected to join us for the World Food India Summit, where Italy will be the focus country.”
Indian state governments were also invited to participate in the event.
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