Government rolled out red carpet for FDI
India opened its doors further to foreign direct investment (FDI), diluting the stringent condition of local sourcing for single-brand retail, in continuation of measures aimed at reviving growth.
- Government has eased the norms for 30% local sourcing rule for FDI in single-brand trading.
- Government has now allowed online sales even before a company sets up a brick and mortar presence in India.
Bigger bite: Now, Apple will start selling iPhones directly to Indian consumers first through its own online store, irrespective of a brick-and-mortar store presence.
Also, Government allowed 100% FDI in coal mining & allowed as much in contract manufacturing through automatic route. The changes in FDI policy will result in making India a more attractive FDI destination.
Read more at: https://economictimes.indiatimes.com/news/economy/policy/government-liberalises-fdi-norms-approves-75-new-medical-colleges/articleshow/70878123.cms