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On January 10, 2018, Union Cabinet chaired by the Prime Minister Narendra Modi approved following initiatives/bilateral agreement:
Cabinet approves major changes in FDI policy:
In a bid to liberalize and simplify the Foreign Direct Investment (FDI) policy and to provide ease of doing business in India, Union Cabinet has approved a number of amendments in the existing policy.
Major Amendments in FDI Policy:
- 100% FDI under automatic route has been approved for Single Brand Retail Trading.Till now, only 49% FDI was permitted under automatic route while FDI beyond 49% and up to 100% was to be brought through Government approval route.
- Foreign airlines have been permitted to invest up to 49% under approval route in Air India.
- It has been clarified that real-estate broking service does not amount to real estate business and is thus, eligible for 100% FDI under automatic route.
- Foreign institutional Investors (FIIs) and Foreign portfolio investment(FPIs) have been allowed to invest in Power Exchanges through primary market.
Cabinet approves MoU between India and Canada for cooperation in Science & Technology:
This memorandum of understanding (MoU) will provide a mechanism to foster scientific cooperation between Research & Development (R&D) and academic institutions of India and Canada.
- The MoU was signed between Indian Government’s Department of Science and Technology and Canada’s Natural Sciences and Engineering Research Council (NSERC).
- In order to promote multidisciplinary research partnership between India and Canada, the MoU envisages supporting India-Canada Centre for Innovative Multidisciplinary Partnership to Accelerate Community Transformation and Sustainability (IC-IMPACTS) programme.
- Safe and sustainable infrastructure and integrated water management have been identified as areas for mutual cooperation under this MoU.