100 pc foreign investment in contract manufacturing,
coal mining okayed
New Delhi, Aug 28 - The government on Wednesday relaxed FDI rule for foreign single brand retailers and also permitted foreign investment in contract manufacturing and coal mining.
Briefing reporters on the decisions taken by the Union Cabinet headed by Prime Minister Narendra Modi, Commerce and Industry Minister Piyush Goyal said 100 per cent foreign direct investment (FDI) under automatic route in coal mining and associated infrastructure has been approved.
To boost domestic manufacturing, 100 per cent FDI in contract manufacturing under automatic route has been allowed, he said.
On FDI in single brand retailing, 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 store, he said.
The Union Cabinet approved 26 per cent foreign direct investment (FDI) in digital media with government approval.
Currently, 49 per cent FDI is provided under the approval route in news channels and the government has now decided to expand the span of FDI to the digital media space.
The decision is expected give a boost to the booming digital media space in the country. – Agencies