New Delhi: In a bid to attract more foreign investment in the country, 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 ambiguity on application of sectoral caps, conventionalities and approval requirements in different sectors and bring simplification in the foreign investment policy. Currently, FDI proposals worth Rs 1,200 crore and below are approved by the FIPB and above that value they need to be approved by the Cabinet Committee on Economic Affairs (CCEA). This proposal aimed at improving ease of doing business in the country. With an aim 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.
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 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. In April-January this fiscal, FDI in India has increased by 36 per cent year-on-year to USD 25.52 billion.
