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Sectors where  Foreign Investment (FDI) is not permitted under FDI Policy
S. No. Sector/Activity
1. Lottery Business including Government/private lottery, online lotteries, etc.*


2. Gambling and Betting including casinos*


3. Chit Funds


4. Nidhi Company


5. Trading in Transferable Development Rights (TDR)


6. Real Estate Business or Construction of farm houses**


7. Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes



Sectors not open to private sector investment- atomic energy, railway operations (other than permitted activities mentioned under the Consolidated FDI policy)

*Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities

**Real estate business shall not include the development of town shops, construction of residential/ commercial premises, roads or bridges and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations, 2014