Explanation:

- Before the amendment in January 2018, the Foreign Direct Investment (FDI) policy allowed up to 49% FDI under the automatic route for single-brand retail trading.

- However, 100% FDI was permitted with government approval for investments above 49%.

- 49% is the correct answer, meaning foreign companies could own nearly half of a single-brand retail entity without prior government approval.

- 25% and 33% were not recognized thresholds in the policy.

- 67% and 74% exceed the automatic approval cap.

Correct Answer: Option 3 - 49%