The Union Cabinet has relaxed Foreign Direct Investment rule for foreign single-brand retailers and also permitted foreign investment in contract manufacturing and coal mining.
Briefing reporters after the Union Cabinet meeting in New Delhi, Commerce and Industry Minister Piyush Goyal said that 100 per cent FDI under automatic route in coal mining and associated infrastructure has been approved.
He said, to boost domestic manufacturing, 100 per cent FDI in contract manufacturing under automatic route has been allowed. Mr Goyal said that 26 per cent FDI has also been allowed under government route for uploading and streaming of News and Current Affairs through 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 on-line sales, waiving the previous condition of setting up a mandatory brick-and-mortar store.
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