100% FDI in food processing industry to attract foreign investors

100% FDI in food processing industry to attract foreign investors
Kamal Vachani

Dubai - Kamal Vachani said allocation of Rs35.984 billion will get big boost for agriculture sector and focusing on the rural growth will push the business across various industries.



Make in India project will get a big push and boost due to incentives announced by Finance Minister of India Arun Jaitley in Union Budget for 2016-17.
Welcoming the budget 2016, Kamal Vachani, regional director, Electronics and Computer Software Export Promotion Council, an autonomous body of Government of India, said the finance minister has presented a more growth-oriented budget.
Those NRIs, who do not have PAN card can submit passport copy or any other documents as proof of residence to avail the low rate TDS and increase in baggage allowance are the welcoming steps taken by the minister.

Vachani, who is also group director, Al Maya Group, and Dubai chapter of Global Organisation of People of Indian Original (GOPIO), said allocation of Rs35.984 billion will get big boost for agriculture sector and focusing on the rural growth will push the business across various industries.
"About 100 per cent FDI allowed in food processing industry, where the products are manufactured and then exported out of India, will attract more foreign investors in this field," Vachani said.
He said that registration of company in one day for startups and 100 per cent tax deduction for companies building houses up to 30 square metre and also no service tax for building houses up to 60 square metres are welcoming steps, which was announced in the budget.
First time home buyers to get additional deduction of Rs50,000 on interest for loan up to Rs3.5 million, will get a big relief for the middle class people to construct and buy new homes, he said.
 


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