The Union Cabinet took major decisions from easing foreign direct investment norms to adding more MBBS seats in the country.
One of which is the government notifying 100 per cent FDI in insurance intermediaries which were announced in the Budget in July this year. The notification was issued by the Department of Financial Services of the Finance Ministry.
Among measures to boost foreign direct investment (FDI) in India, Finance Minister Nirmala Sitharaman, in her maiden budget speech, had proposed permitting 100 per cent FDI for insurance intermediaries.
On the other hand, the government has approved setting up of new 75 medical colleges by 2021-22- which would mean adding 15,700 new MBBS seats.
HERE’S ALL YOU NEED TO KNOW:
- The Cabinet Committee on Economic Affairs (CCEA) approved 100 per cent foreign direct investment (FDI) through the automatic route in coal mining and related activities.
- In a significant boost for the fast-growing digital media space, the cabinet approved 26 per cent FDI in digital media with government approval. Currently, 49 per cent FDI is provided under the approval route in news channels and the government has now decided to expand the span of FDI to the digital media space.
- The Union Cabinet unveiled the second round of foreign direct investment (FDI) reforms by easing the 30 per cent local sourcing norm in single-brand retail (SBRT) where domestic procurement for exported goods will now qualify for inclusion under the 30 per cent sourcing rules.The Cabinet Committee on Economic Affairs approved a sugar export subsidy for the 2019-20 (October-September) sugar season which would cost the government exchequer Rs 6,268 crore.
- The Union Cabinet also allowed 100 per cent foreign direct investment (FDI) in contract manufacturing through the automatic route.