The Union Cabinet has relaxed Foreign Direct Investment rules for single brand retail and expanded definition of 30 per cent domestic sourcing, Union minister Piyush Goyal told at a press conference on Wednesday evening.
Goyal also informed that the Cabinet has okayed online retailing under single-brand retail, relaxing rule of mandatory brick-and-mortar store.
Union Cabinet has also approved 26 per cent FDI in digital media, Goyal said.
“100 percent FDI allowed in contact manufacturing under automatic route and also local sourcing norms for FDI in single brand retail have been relaxed,” said Goyal.
Exports to be counted under local sourcing head for single brand retail, announced Goyal.
“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 Goyal.
Till now, 100% FDI was allowed only in captive coal mining.