INSUBCONTINENT EXCLUSIVE:
The cabinet also expanded the definition of mandatory 30% domestic sourcing norm.In order to attract higher foreign direct investment (FDI)
and to improve ease of doing business in the country, Union Cabinet headed by Prime Minister Narendra Modi, on Wednesday eased FDI norms for
coal mining, digital media, contract manufacturing and single brand retail sectors
Addressing a press conference on cabinet decisions, Commerce and Industry Minister Piyush Goyal said, "To encourage investment in the
country many steps have been taken and from 2014-19 India attracted foreign direct investment of $286 billion."The government approved 100
per cent FDI in coal mining sector including coal washing, sales, crushing etc
FDI norms for contract manufacturing sector has also been relaxed as the government allowed 100 per cent FDI via automatic route in the
sector, Commerce and Industry Minister Piyush Goyal told reporters at a press conference in New Delhi.The government also announced FDI in
digital media wherein foreign investors can buy 26 per cent stake with its approval.Meanwhile, in order to further give a push to the single
brand retail, the centre eased mandatory 30 per cent local sourcing norms for single brand retailers.The cabinet has expanded the definition
of mandatory 30 per cent domestic sourcing norm
It also allowed single brand retailers to start online sales, waiving the previous condition of setting up a mandatory brick-and-mortar
retail trading entity for that single brand shall be counted towards local sourcing, irrespective of whether the good procured are sold in
for exporting 60 lakh metric tonne of sugarcane.Get Breaking news, live coverage, and Latest News from India and around the world on
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