Cabinet eases FDI norms in coal mining, digital media to boost economic growth

The Union Cabinet, presided over by Prime Minister Narendra Modi, today decided to allow 100 per cent FDI in contract Manufacturing through automatic route, according to Union Minister Piyush Goyal. Addressing mediapersons, Piyush Goyal said that FDI in India is a major focus of Indian government, and in the last 5 years, the country has attracted $286 billion FDI.

Referring to global slow down in FDI, Goyal said the FDI regulations are being liberalised in Contractual Manufacturing, but the major principles still remain the same i.e, more than 30% localization has to be there in single brand retail sector.

In order to boost manufacturing and entry of more and more single brand retail, the government has eased FDI norms, Goyal said, adding that in digital media also, the government has allowed 26% FDI with its approval. 

Earlier, Union Minister Prakash Javadekar said that the Union Cabinet approved 75 new medical colleges, to be established by 2021-22, adding that the move is to add 15,700 MBBS seats in the country.

He said the Union Cabinet has approved Sugar export policy for evacuation of surplus stocks during sugar season 2019-20; nearly 60 lakh tonnes sugar to be exported in this financial year.

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Further, the Cabinet has also approved Establishment of an International Coalition for Disaster Resilient Infrastructure (CDRI). The Prime Minister will launch CDRI during UN Climate Summit in New York on 23rd September 2019. 

Meanwhile, the cabinet reportedly did not discuss the much-awaited issues related to Jammu Kashmir.