Good News! Govt Relaxes Foreign Investment Norms In Retail; 100% FDI In Coal Mining
The Union Cabinet on Wednesday finally approved the relaxation in foreign direct investment (FDI) norms in various sectors including single-brand retail and digital media.
To boost domestic manufacturing, 100 per cent FDI in contract manufacturing under automatic route has been allowed, he said, adding that 26 per cent FDI has been allowed in digital media. "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," Goyal said.
Goyal also announced a Rs 6,268 crore subsidy for export of 6 million tonnes of sugar during the 2019-20 marketing year starting October in order to liquidate surplus domestic stock and help mills in clearing huge sugarcane arrears to farmers. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) headed by PM Modi.
Claiming the last financial year has witnessed the largest FDI inflow, Goyal said, "FDI regulations have been liberalised. FDI regime has been simplified. This will also boost employment for the youth. We see an opportunity to make India a manufacturing hub."
"We have taken an important decision in the interest of sugarcane farmers. The cabinet has approved export subsidy for 6 million tonnes for 2019-20," Information and Broadcasting Minister Prakash Javadekar told reporters after the cabinet meeting. "A lump sum export subsidy of Rs 10,448 per tonne will be given to sugar mills in the 2019-20 marketing year (October-September), costing the exchequer Rs 6,268 crore as subsidy," he said.
This will benefit millions of farmers in Uttar Pradesh, Maharashtra and Karnataka as well as other states, he added. The government is providing subsidy for export of 5 million tonnes of sugar for the current 2018-19 marketing year.
Key announcements made in Union Cabinet presser:
a) 100 per cent FDI under automatic route in coal mining and associated infrastructure will be allowed
b) Union Cabinet approves 100 pc FDI in contract manufacturing under automatic route
c) Union Cabinet relaxed FDI rules for single brand retail; expands definition of 30 per cent domestic sourcing
d) Union Cabinet approves 26 per cent FDI in digital media with government approval
e) Union Cabinet allows online retailing under single-brand retail; relaxes rule of mandatory brick-and-mortar store
f) Additionally, Union Cabinet has also announced plans to set up as many as 75 new medical colleges across India. The new establishments will create around 15,700 new MBBS seats. The government has earmarked Rs 24,734 crore for this project.
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