In a bid to attract more foreign investments in the country, the Government is looking at a slew of measures, including liberalising FDI norms for NRIs and manufacturing firms, to sell products through e-commerce portals.
Besides, the Commerce and Industry Ministry has also proposed to increase the value of projects to be cleared by the Foreign Investment Promotion Board (FIPB) from Rs 1,200 crore to Rs 3,000 crore and the introduction of a composite cap which will include FDI, FII and other instruments in various sectors.
The proposal on composite cap, sources said, would help in removing the ambiguity on application of sectoral caps, conventionalities and approval requirements in different sectors and bring simplified foreign investment policy.
Currently, FDI proposals worth Rs 1,200 crore and below are approved by the FIPB and above that value have to get approved by the Cabinet Committee on Economic Affairs (CCEA).
This proposal aimed at improving the ease of doing business in the country.
With an aim to boost ‘Make in India’ campaign, the Ministry would soon seek the Cabinet nod on permitting Indian manufacturers to sell their goods to consumer through e-commerce portals.
Single brand retail
Further, the Ministry may come out with some kind of clarification on single brand retail sector to attract global players.
Swedish furniture major IKEA has proposed to invest Rs 10,500 crore for setting up single brand retail stores in the country.
The government has already relaxed overseas investment norms for sectors, including railways, defence, construction and medical devices.
During April-January this fiscal, FDI has increased by 36 per cent year-on-year to $25.52 billion.