The Union Cabinet today relaxed Foreign Direct Investment (FDI) norms in several sectors including mining, in contract manufacturing,and media.
The Cabinet that met today approved a proposal to allow 100 percent FDI in coal mining and allied activities through the automatic route. Presently, Foreign Direct Investment is permitted in captive coal mining only.
The government also eased norms for sourcing in single brand retail. The Cabinet also allowed 26 percent FDI, with government approval, for digital media in news.
The Cabinet also cleared sugar export subsidy, whereby the government has approved Rs 6,270 crore subsidy for sugar export. Sugar export subsidy will go directly to farmers, Prakash Javadekar, Minister of Environment, Forest and Climate Change and
Minister of Information and Broadcasting said.
Most of the norms were on expected lines and would help improve Foreign Direct Investment into the country.