The government has also relaxed FDI rules for single brand retail and expanded definition of 30 percent domestic sourcing.
The government on August 28 announced that it has approved 100 percent Foreign Direct Investment (FDI) through the automatic route in coal mining, its sale and all its associated infrastructure.
The government has also approved 100 percent FDI through the direct route in contract manufacturing, said Commerce Minister Piyush Goyal at the Cabinet briefing.
Goyal also announced that the Cabinet has also expanded the definition of local sourcing for single brand retail. These outlets should now locally source 30 percent of their procurements, irrespective of whether their product is marked for export or domestic sale, and will be reviewed for a block of five years, and not a year-on-year basis.
Single brand retail outlets can now start the online trading, provided that they meet the 30 percent local sourcing laws, with subsequent rollout of brick and mortar stores. Currently, the online sale by a single-brand retail player is allowed only after the opening of physical outlets.
Goyal also announced 26 percent FDI with government approval in digital media. Currently, in the print media sector, 26 percent FDI is allowed through government approval route. Similarly, 49 percent is permitted in broadcasting content services through government approval route.
Information and Broadcasting Minister Prakash Javadekar said that sugarcane farmers will be granted an export subsidy to export 60 lakh metric tonne, which will cost Rs 6268 crore to Exchequer, and will be directly transferred to the accounts of the sugarcane farmers.
He also said that 75 new medical colleges will be opened by the government with an investment of Rs 24,375 crore, which will create 15,700 seats over the next three years. These colleges will be set up in the unserved districts and hope to alleviate India’s current doctor to patient ratio.
Javadekar also said that an international coalition for disaster resilient infrastructure has been set up, which will be launched by the Prime Minister in his address to the United Nations this year. Javadekar said that this coalition will help in the sharing of best practices towards disaster management, and is geared towards reaching the United Nations Development Goals.
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