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- The Union Cabinet is considering proposal to relax foreign direct investment (FDI) norms in several sectors.
- The sectors include (a)single-brand retail (b)digital media (c)coal mining and (d)contract manufacturing.
- In the existing FDI policy,100% foreign direct investment is permitted in the manufacturing sector under the automatic route.But the policy does not talk about contract manufacturing.
- Similarly,the government is looking at coming out with a clarification on the applicability of the foreign direct investment policy on the digital media sector.The present FDI policy is silent on the fast-growing digital media segment.
- In the single-brand retail sector,the Cabinet will consider a proposal for relaxing rules for complying with the mandatory 30% local sourcing norms by foreign single-brand retailers.
- According to the proposal,single-brand retail firms would also be permitted to open online stores before setting up brick-and-mortar shops.Currently,online sales by single-brand retail players is allowed only after the opening of physical outlets.
- In the coal mining sector,foreign players would be allowed to mine coal and sell it. Currently, FDI is permitted for captive coal mining only.
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