Login With Google
Cabinet eases FDI rules
Why is it in the news ?
- The Union Cabinet announced a number of decisions designed to attract increased foreign direct investment into in four sectors.
- These sectors includes digital media, coal mining, contract manufacturing and and single-brand retailers.
More in the news
- The measures are said to be taken to get economic growth back on track.
- Government approved foreign investment in digital media up to stakes of 26%.
- It allowed 100% foreign investment for coal mining and contract manufacturing.
- It eased sourcing norms for single-brand retailers.
- On FDI in single brand retailing, the Cabinet has expanded the definition of mandatory 30% domestic sourcing norm.
- It allowed single brand retailers to start online sales, waiving the previous condition of setting up a mandatory brick-and-mortar store.
Source
LiveMint.