According to Piyush Goyal, the Minister of Commerce and Industry, India has permitted 100% foreign investment in the food and beverage industry, as well as full foreign ownership and administration of such foreign-owned businesses. In a historic declaration, Goyal stated, “The government will grant quick and simple work permits for those who wish to work in such enterprises or establish food and beverage businesses in India.”
In the next five years, the Minister wants India’s combined exports from the food and beverage, agricultural, and marine product sectors to reach $100 billion. Goyal emphasized the need to promote sustainability in the food business and stated that the Ministry of Commerce and Business is prioritising sustainable farming practices.
To prevent anomalies from entering the system, the government has streamlined the certification procedures for organic foods while preserving their traceability and sanctity,” he continued. Last year, India’s food, beverage, agricultural, and marine exports totalled $50 billion.
Goyal praised the Marine Products Export Development Authority and the Agricultural and Processed Food Products Export Development Authority for this export initiative. In the meantime, India has lowered taxes on international businesses to draw in more foreign investment.
India’s Finance Minister, Nirmala Sitharaman, stated in Parliament that “the rules and regulations for both Foreign Direct Investment (FDI) in India and overseas investment by Indians will be simplified to facilitate foreign investments, nudge prioritization, and promote opportunities for using the Indian Rupee as a currency for overseas investments.
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