The commerce and industry ministry has approved a proposal of Newby India

The commerce and industry ministry has approved a proposal of Newby India in the single brand retail trading sector.

According to the foreign investment facilitation portal “The Company has sought approval to undertake retail trading of tea products under brand ‘NEWBY”.

This portal was set up after the winding up of the foreign investment promotion board.

Foreign direct investment into the country grew 9 per cent to USD 43.47 billion in 2016-17.