New Delhi: In an effort to get economic growth back on track, a slew of decisions were taken by the Union Cabinet in its meeting on Wednesday, including further liberalizing of foreign direct investment (FDI) rules in four sectors.
"There is a little slowing down of FDI worldwide so we have taken some significant decisions. 100 percent FDI for coal mining and all related processing activities will be allowed under automatic route," announced Commerce Minister Piyush Goyal. Till now, 100% FDI was allowed only in captive coal mining.
The Cabinet has also approved 100% FDI in contract manufacturing.
"100 percent FDI allowed in contract manufacturing under automatic route and also local sourcing norms for FDI in single brand retail have been relaxed," said Goyal.
Cabinet allows online retailing under single-brand retail and relaxes rule of mandatory brick-and-mortar store. Domestic procurement for exports included in 30% local sourcing clause, announced Goyal.
"26% FDI will be allowed in digital media with government approval," said Goyal.
"The Cabinet has approved 75 new medical colleges, to be established by 2021-22, with ₹24,375-crore investment. This is a move to add 15,700 MBBS seats in the country," announced I&B Minister Prakash Javadekar.
The Cabinet approved biggest ever expansion of medical facilities in the world, said Javadekar.
Among other Cabinet decisions taken is that government will provide ₹6,268-crore subsidy towards exporting of 60 lakh metric tonnes of sugar. Subsidy to be directly transferred to farmer's account. India has 162 lakh tonnes of sugar stock, of which 40 lakh tonnes is buffer stock and 60 lakh tonnes will be exported.
The sugar export policy will aid in evacuation of surplus stocks during sugar season 2019-20, said Javadekar.
The Cabinet has also approved establishment of an International Coalition for Disaster Resilient Infrastructure (CDRI) and PM Modi will launch CDRI during UN Climate Summit in New York on 23 September, 2019, announced Javadekar.
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