Close on the heels of Finance Minister Nirmala Sitharaman’s announcement of measures to perk up the country’s sagging economy, the Union cabinet’s move towards increasing foreign direct investment (FDI) into the country could prove to be a game-changer. In a fresh round of FDI reforms, the government relaxed FDI rules in single-brand retail, approved 26 per cent FDI in digital media and offered 100 per cent FDI under the automatic route in coal mining and contract manufacturing. The big stimulus could also help to considerably ease trade tensions between India and the US which has been simmering for some time now.
N J Ravi Chander, Bengaluru
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