NEW DELHI: The government on Friday announced easing of foreign direct investment rules for insurance intermediaries such as brokers and local sourcing norms for single-brand retail, a move that may encourage companies such as Apple to finally open stores in India.
Besides, it announced a review of the norms to further open up FDI in aviation, insurance and media (animation, visual effects, gaming and comics) to provide a fillip to foreign flows into the country. While the details are yet to be discussed in detail, sources indicated the proposal may include allowing foreign airlines more shareholding power in Indian carriers. This will help sustain domestic players, some of which such as Jet Airways and Kingfisher were forced to shut shop as they could not get global investors.
Similarly, in case of insurance, the details are yet to be worked out for the sector where 49% foreign investment is currently allowed.
