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The Union Cabinet, has approved a proposal allowing 100% foreign direct investment (FDI) in single brand retail via automatic routes. Till now, FDI upto 49% is permitted under automatic route in single brand retail and beyond that limit, government approval is required.
The Cabinet also allowed foreign airlines to invest up to 49% in Air India under the approval route. It has also cleared 100% FDI in construction development through automatic route.
This relaxation is done with a view to provide more investor friendly climate, to foreign investors and in return attract more FDI to increase economic growth and create jobs.
