Thursday, 29 August 2019

Government eases FDI norms for single-brand retail, digital-media, coal mining

Union Cabinet ministers Piyush Goyal and Prakash Javadekar in a recent meeting on concerning economic growth taken a step to bring the sulking economy back on track, the government announced several measures, including further easing of
Foreign Direct Investment (FDI) in some sectors, and clearing of export subsidy to sugarcane farmers.

100% FDI for coal mining and related activities: Goyal

"There is a little slowing down of FDI worldwide, so we have taken some significant decisions. Hundred percent FDI for coal mining and all related processing activities will be allowed under automatic route," announced Minister of Railways and Commerce, Goyal.

Government liberalizes FDI norms for four major sectors :-

In an attempt to promote smoother business in certain sectors, the government has relaxed existing FDI norms.
  • The Centre has now allowed 100% FDI via automatic route in coal mining and ancillary activities.
  • Further, it has approved 100% FDI in contract-manufacturing.
  • Meanwhile, local sourcing norms for single-brand retail have been eased.
  • Moreover, the government has also approved 26% FDI in the digital media sector.

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