Government eases FDI norms for single-brand retail, digital-media, coal mining
Union Cabinet ministers Piyush Goyal and Prakash Javadekar held a press conference in the capital, following a meeting on Tuesday, concerning economic growth. In what can be seen as an effort to bring the sulking economy back on track, the government announced several measures, including further easing of Foreign Direct Investment (FDI) in some sectors, and clearing of export subsidy to sugarcane farmers.
"There is a little slowing down of FDI worldwide, so we have taken some significant decisions. Hundred percent FDI for coal mining and all related processing activities will be allowed under automatic route," announced Minister of Railways and Commerce, Goyal.
Government liberalizes FDI norms for four major sectors
In an attempt to promote smoother business in certain sectors, the government has relaxed existing FDI norms. The Centre has now allowed 100% FDI via automatic route in coal mining and ancillary activities. Further, it has approved 100% FDI in contract-manufacturing. Meanwhile, local sourcing norms for single-brand retail have been eased. Moreover, the government has also approved 26% FDI in the digital media sector.
Government also clears subsidy to sugar farmers
Separately, the government is planning to provide a subsidy to the tune of Rs. 6,268 crore towards exporting of 60 lakh metric tonnes of sugar. The subsidy shall be directly transferred to the farmers' accounts. The new sugar export policy will aid in evacuation of surplus stocks during sugar season 2019-20, said Union Information and Broadcasting Minister Prakash Javadekar, at the press conference.
75 new medical-colleges to come; to create 15,000 MBBS seats
Further, the Cabinet has given the green signal for establishing 75 new medical colleges. The colleges are planned to be set up by 2021-22, with an investment of Rs. 24,375 crore. The move is aimed at adding as many as 15,700 MBBS seats through the country. This would be the biggest ever expansion of medical facilities in the world, stated Javadekar.
Cabinet has approved establishing Coalition for Disaster Resilient Infrastructure
Last but not the least, the Cabinet has given its nod to establishing an International Coalition for Disaster Resilient Infrastructure (CDRI). The organization shall be launched during the UN Climate Summit in New York on September 23 by Prime Minister Narendra Modi, announced Javadekar.