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Amazon, Grofers, BigBasket seek FDI approval for food retailing

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Amazon, Grofers and BigBasket have submitted FDI proposals to the government for undertaking retail trading of food products. The government had last year allowed 100 per cent foreign direct investment (FDI) for trading, including through e-commerce, in respect of food products manufactured and produced in India.

“Government has been interacting with investors to identify issues for promoting FDI in the food processing sector. Several issues, including sale of home and personal care product have been raised by investors,” minister of state for food processing, Sadhvi Niranjan Jyoti said in a written reply to Lok Sabha, while adding that Amazon Corporate Holdings, Grofers India and Supermarket Grocery Supplies (BigBasket) have submitted foreign investment proposals for approval of the government for undertaking retail trading of food products in the country.

The food processing sector received US$ 5.76 billion in FDI equity inflows from 2010-11 to 2015-16, Jyoti informed. “In 2016-17 (April-December), the food processing sector in the country has received US$ 663.23 million worth of FDI equity inflows,” she said.

In reply to a separate query, Jyoti said the policy of encouraging FDI in food processing benefits all segments of domestic industries as well as farmers. FDI inflows help bring new technologies, products, processes and markets. Investments in backward and farm-gate infrastructure in the supply chain benefit farmers and processors, creating employment.

(PTI)


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