Govt proposes FDI norm relaxation in media, aviation, insurance, single brand retail

The government Friday proposed relaxation in the FDI norms for sectors such as media, aviation, insurance, and single brand retail with a view to attract more overseas investment.

Finance Minister Nirmala Sitharaman in her Budget speech said that India's FDI inflows in 2018-19 grew by 6 per cent to USD 64.37 billion.

"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.

The minister 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.