The government proposes the relaxation of the FDI standard in media, aviation, insurance, single brand retailers

NEW DELHI: The government proposed relaxation on Friday IED standards for sectors such as the media, aviation, insurance and retail trade of a single brand with a view to attracting more foreign investment.

Finance Minister Nirmala Sitharaman in her Budget speech said that India's IED 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 IED destination. The government will examine suggestions of further opening up of IED in aviation, media, AVGC (Animation, Visual Effects, Gaming and Comics) and insurance sector in consultation with stakeholders, she said.

The minister said 100 percent. direct foreign investment (IED) will be permitted for insurance intermediaries, and local sourcing will be eased for IED in single brand retail sector.