100% FDI under the automatic route for coal mining and contract manufacturing
NEW DELHI: The Union Cabinet on Wednesday liberalized Foreign Direct Investment (FDI) rules in four sectors, including single-brand retail trade and digital media, to boost investment in the private sector.
Union Commerce minister Piyush Goyal said the Union Cabinet, at its meeting chaired by Prime Minister Narendra Modi, has decided to allow 100 percent FDI under the automatic route for coal mining and contract manufacturing, eased sourcing norms for single-brand retailers and approved 26 percent overseas investment in digital media as it looked to boost economic growth from a five-year low.
This comes within a week of Finance Minister Nirmala Sitharaman unveiling a raft of measures to boost growth.
An official statement said the decision has been taken in order to provide clarity on contract manufacturing in the country.
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