Nod soon for Amazon`s retail investment |
With the abolition of the Foreign Investment Promotion Board, Amazon`s proposal will now be vetted by the Department of Industrial Policy and Promotion. The Indian government will soon clear retail giant Amazon`s proposed $ 500 million investment in retail of food products, according to Food Processing Minister Harsimrat Kaur Badal. Ms. Badal said more investment in the food processing sector iwas need of the hour to reduce the huge wastage during post harvesting and transportation. The government had received investment proposals from three companies — Amazon, Grofers and Big Basket — worth $695 million for retail of food products. The government in the last year allowed 100% foreign direct investment (FDI) through approval route for trading, including through e-commerce, in respect of food products manufactured and produced in India. In 2016-17 (April-December), the food processing sector in the country received FDI of $663.23 million.
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