New Delhi: The government on Wednesday relaxed foreign direct investment (FDI) rule for foreign single brand retailers and also permitted foreign investment in contract manufacturing and coal mining.
Briefing reporters on the decisions taken by the Union cabinet headed by Prime Minister Narendra Modi, commerce and industry minister Piyush Goyal said 100% FDI under automatic route in coal mining and associated infrastructure has been approved.
To boost domestic manufacturing, 100% in contract manufacturing under automatic route has been allowed, he said.
On FDI in single brand retailing, the cabinet has expanded the definition of mandatory 30% domestic sourcing norm. It also allowed single brand retailers to start online sales, waiving the previous condition of setting up a mandatory brick-and-mortar store, he said.
FDI Policy gets a major boost: Govt. reforms FDI norms in various sectors including single-brand retail, contract manufacturing and coal mining etc.
— Piyush Goyal (@PiyushGoyal) August 28, 2019