Commerce Secretary Nirmala Sitharaman says the decision will be vetted by the Cabinet in one month.
The government on Tuesday eased foreign direct investment (FDI) norms in 15 major sectors. Speaking to CNBC-TV18’s Rituparna Bhuyan, Commerce Secretary Nirmala Sitharaman says the decision will be vetted by the Cabinet in one month.
Sitharaman explained the government will assess the proposals on multi-brand retail once companies apply to the Foreign Investment Promotion Board (FIPB), adding that the government has ensured that the manufacturing companies are able to sell their goods online.
On the FDI in defence wherein the government has allowed foreign investment up to 49 percent under the automatic route, SItharaman says the government will take a call on allowing 100 percent FDI on a case-by-case basis.
Furthermore, she adds the government will meet all the parties involved and try and convince them on the issue of Goods and Services Tax (GST).
Stay tuned for more.