Cabinet approves 100% FDI in single brand retail via automatic route

The Union government allowed overseas investors to make 100 percent FDI (foreign direct investment) in single-brand retail trading and construction development without any government approval.The decisions were taken at a Cabinet meeting, chaired by Prime Minister Narendra Modi in New Delhi.
It also approved changes in FDI norms to allow foreign airlines to own 49 percent in Air India under the approval route.
However, two conditions have been set: The foreign investment, including that of foreign Airlines, shall not exceed 49 percent either directly or indirectly and “substantial ownership and effective control of Air India shall continue to be vested in Indian National,” 


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Current Affairs Telugu
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June-2018
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