The Union Cabinet cleared a raft of changes in Foreign Direct Investment (FDI) regulations, including easing rules for overseas single-brand stores and permitting FDI through the automatic route in contract manufacturing and all areas of coal mining. The changes in FDI policy will result in making India a more attractive destination, leading to benefits of increased investments, employment and growth.

The Cabinet Committee on Economic Affairs (CCEA) has approved sugar export policy for evacuation of surplus stocks during Sugar season 2019-20. The CCEA, chaired by Prime Minister Shri Narendra Modi, gave nod to sugar export subsidy of about Rs 6,268 crore to liquidate surplus domestic stock. The sugar export subsidy would be directly credited into farmers' accounts on behalf of mills against sugarcane price dues.

Directorate General of Foreign Trade (DGFT) vide a notification, revised the import policy for agarbattis and other odoriferous preparations which operate by burning from ‘Free’ to ‘Restricted’. The move was to curb the rising import of incense sticks from China and Vietnam, which has been severely impacting local manufacturing.

Government e-Marketplace (GeM), Department of Commerce, Ministry of Commerce & Industry has signed an MoU with Small Industries Development Bank of India [SIDBI] to benefit MSMEs, women entrepreneurs, Self Help Groups (SHGs), Women Self Help Groups and various loan beneficiaries under MUDRA and Stand-up India scheme. This MoU will enable promotion of special initiatives of GeM like ‘Womaniya’ and ‘Start-up Runway’ with SIDBI stakeholders.

Union Minister for Commerce and Industry Shri Piyush Goyal said that the spare capacity of SEZ units should be utilised by taking on job-work from the domestic tariff area, in consultation with the Department of Revenue. In FY 2018-19, the SEZ zones in Maharashtra reported a turnover of Rs. 1,13,734 crores which is roughly 20% of exports from Maharashtra state.

Speaking at the 14th CII Sustainability Summit 2019, Union Minister for Commerce and Industry Shri Piyush Goyal stressed the importance of Circular Economy as a key component of sustainability. He mentioned that Indian government has been at the forefront of the LED moment, which helped India bring down carbon footprint and led to lower electricity bills. It was based on affordable prices, which was later scaled up by the private sector.