The Union Cabinet led by the Prime Minister has given its approval to a number of amendments to the FDI Policy. These are decided to simplify and liberalise the FDI policy in India to provide ease of doing business in the country.
The liberalized policy will lead to larger FDI inflows contributing to the growth of investment, employment and income.
Key amendments in FDI policy
100% FDI under automatic route for Single Brand Retail Trading
100% FDI under automatic route in Construction Development
Foreign airlines allowed investing up to 49% under approval route in Air India
FIIs/FPIs allowed investing in Power Exchanges through primary market
The central government has advised the nation not to use a national flag made of plastic and asked all the states and union territories (UTs) to ensure strict compliance of the Flag Code in view of the Republic Day celebration ahead.
An advisory from the government said that the "Indian national flag stands for the aspirations and hopes of the people of the country and therefore should occupy a position of honour".
The advisory also said that the flags made of plastics are not biodegradable like paper flags, these do not get decomposed for a long time. Therefore, to ensure the proper disposal of a national flag made of plastic is a practical problem corresponding with the dignity of the flag.
India to regain top spot with GDP pegged at 7.3% in 2018-19: World Bank
According to the World Bank’s Global Economic Prospects report, India’s economy will grow by 6.7% during the current fiscal year, higher than the 6.5% estimate by the Indian government.
The report further stated that the Gross Domestic Product (GDP) growth is expected to raise at 7.3% in 2018-19, and with this growth, India is set to regain the top spot in world's fastest-growing economies.
Cabinet approves continuation of MPLAD Scheme beyond 12th Plan
The Cabinet Committee on Economic Affairs (CCEA) led by the Prime Minister has given its nod to the continuation of Members of Parliament Local Area Development Scheme (MPLADS) till the term of the 14th Finance Commission i.e. 31st March 2020.
The MPLADS funds are released to the nodal District Authorities on receipt of requisite documents and as per provisions of Guidelines on MPLADS.
BharatNet Phase 1: One lakh gram panchayats become internet-service ready
The government of India has achieved a major milestone by connecting over one lakh Gram Panchayats (GP) across the country with high-speed optical fiber network under the BharatNet Phase-1 project as per the declared deadline of 31 Dec 2017.
BharatNet network built under Phase 1 envisages delivery of high-speed broadband services in over 2.5 lakh villages benefitting more than 200 million rural Indians.
As per the government, BharatNet project is the world’s largest rural broadband project shaped on the mantra of Collaborate, Create and Conquer. It is started with the vision and mission of the Prime Minister’s Digital India by bridging the digital divide.