Economic Slowdown: Union Govt Opens up 100% FDI in Coal Mining, 26% in Digital, Announces 75 New Medical Colleges

New Delhi: In a major decision the Union Government today announced that it has approved 100 percent Foreign Direct Investment (FDI) through the automatic route in coal mining, its sale and all its associated infrastructure.

The government has also approved 100 percent FDI through the direct route in contract manufacturing, said Commerce Minister Piyush Goyal at the Cabinet briefing.

The Cabinet has also expanded the definition of local sourcing for single brand retail. These outlets should now locally source 30 percent of their procurements, irrespective of whether their product is marked for export or domestic sale, and will be reviewed for a block of five years, and not a year-on-year basis.

Goyal also announced 26 percent FDI with government approval in digital media. Currently, in the print media sector, 26 percent FDI is allowed through government approval route. Similarly, 49 percent is permitted in broadcasting content services through government approval route. He also said that 75 new medical colleges will be opened by the government with an investment of Rs 24,375 crore, which will create 15,700 seats over the next three years. These colleges will be set up in the unserved districts and hope to alleviate India’s current doctor to patient ratio.