FDI in food processing: Commerce Min to soon approach Cabinet

The Commerce and Industry Ministry is expected to approach the Cabinet soon on the proposal to permit 100 per cent foreign direct investment (FDI) in the food processing sector.
"It has to come sooner," Commerce and Industry Minister Nirmala Sitharaman told reporters here when asked about the proposal.
She also said that the Union Cabinet would soon take a decision on the new national IPR (intellectual property rights) policy.
The Department of Industrial Policy and Promotion (DIPP) is in the process of finalising the details on allowing 100 per cent FDI in marketing and processing of foods products. This proposal was announced in the Budget.

The government has said that the move will benefit farmers, reduce wastage of fruits and vegetables, give impetus to the food processing industry and create vast employment opportunities.
During April-December, FDI into the country grew by 40 per cent to USD 29.44 billion.

Commenting on the free trade agreement (FTA) with Australia, the minister said talks are going on.
"With Australia, we are very close to getting to an agreement. Hopefully, it should be done soon," she said.
Talks for a comprehensive economic cooperation agreement (CECA), also known as FTA, between India and Australia were started in 2011 to provide fillip to trade and investments between the two countries.

The bilateral trade stood at USD 13 billion in 2014-15 as against USD 12.12 billion in the previous fiscal.