The government, on Wednesday, 28 August, approved 26 percent Foreign Direct Investment in digital media and relaxed FDI rule for foreign single brand retailers.
FDI
Briefing reporters on the decisions taken by the Union Cabinet headed by Prime Minister Narendra Modi, Commerce and Industry Minister Piyush Goyal said 100 percent foreign direct investment (FDI) under automatic route in coal mining and associated infrastructure has been approved.
To boost domestic manufacturing, 100 percent FDI 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 percent 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.
Sugar Export Subsidy
The government also announced a Rs 6,268 crore subsidy for export of 6 million tonnes of sugar during the 2019-20 marketing year starting October in order to liquidate surplus domestic stock and help mills in clearing huge sugarcane arrears to farmers.
The government is providing subsidy for export of 5 million tonnes of sugar for the current 2018-19 marketing year.
Medical Colleges
A plan for setting up of 75 government medical colleges by 2021-22 was also approved by the Cabinet.
The establishment of new medical colleges under phase III of the ongoing Centrally sponsored scheme will add at least 15,700 MBBS seats in the country.
The new medical colleges would be set up in underserved areas having no medical colleges, with district hospitals having at least 200 beds, a government statement said.
(With inputs from PTI)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)