New Delhi: 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 percent foreign direct investment (FDI) under automatic route in coal mining and associated infrastructure has been approved.
To boost domestic manufacturing, 100 percent FDI in contract manufacturing under automatic route has been allowed, he said, adding that 26 percent FDI has been allowed in digital media.
On FDI in single-brand retailing, the Cabinet has expanded the definition of mandatory 30 percent 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.
— CNBC-TV18 (@CNBCTV18Live) August 28, 2019
Updated Date: Aug 28, 2019 20:56:29 IST