In an attempt of luring more foreign inflows into the country, the government is looking at a slew of measures, including liberalizing FDI norms for NRIs and manufacturing firms to sell products through e-commerce portals. With an object to boost 'Make in India' campaign, the ministry would soon seek cabinet nod on permitting Indian manufactures to sell their goods to consumer 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) to Rs 3,000 crore from Rs 1,200 crore earlier.
Additionally, the commerce industry in a bid to improve ease of doing business in the country is contemplating on the proposal of composite cap as this would aid in eliminating ambiguity on application of sectoral caps, conventionalities and approval requirements in different sectors and bring simplification in the foreign investment policy.
Presently, FDI proposals worth Rs 1,200 crore and below are approved by the FIPB and proposals above this value are required to be approved by the Cabinet Committee on Economic Affairs (CCEA).
In a separate development, the government also may come out with some kind of clarification on single brand retail sector to attract global players. This is since Swedish furniture major IKEA proposes to invest Rs 10,500 crore for setting up single brand retail stores in the country. Notably, the government so far has already relaxed overseas investment norms for sectors including railways, defence, construction and medical devices.