Taking some crucial decisions, the Cabinet Committee of Economic Affairs took some major decisions to end UPA's policy paralysis.

Prime Minister Manmohan Singh said at the meeting that the time had come for big bang reforms. "If we have to go down, we have to go down fighting," he said.

The cabinet on Friday cleared 51% Foreign Direct Investment (FDI) in multi-brand retail stores.

In another major decision, the government also cleared FDI in aviation by foreign carriers.

Cabinet has raised the FDI cap on various streams of broadcast services by up to 74%.

The government also approved sale of its minority stakes in four public sector firms — Hindustan Copper, Oil India, MMTC and Nalco — to raise up to Rs15,000 crore.

Commerce Minister Anand Sharma spoke to the media and said the the government has also relaxed sourcing norms for FDI in single brand retail.

Trinamool Congress MP Kunal Ghose on Friday said the party strongly opposes union cabinet allowing 51% FDI in multi-brand retail.

Trinamool Congress gives 72-hour deadline to govt for roll back of FDI in multibrand retail and diesel price hike, TMC leader Mukul Roy said.

Private airlines in India have welcomed the decision to allow FDI in aviation by foreign carriers.

The prime minister said cabinet decisions on FDI will bolster economic growth and make India a more attractive destination for foreign investment.

Prakash Karat said that the union cabinet's decision to operationalise 51% FDI in multi-brand retail would spell doom for lakhs of small shop owners.