FDI policy liberalised; fgn airlines allowed 49% stake in AI
FDI policy liberalised; fgn airlines allowed 49% stake in AI
FDI policy liberalised, 100% FDI now in retail, construction
13 January, 2018, 03:54
Government's decision of allowing 100 % FDI for single brand retail has received criticism from the BJP's ideological mentor RSS.
"(The) Swadeshi Jagran Manch strongly opposes the decisions of the Union cabinet allowing 100 per cent FDI under automatic route for single-brand retail and construction development. The sudden changes may help India's rank for ease of doing business go up a few notches and cash inflows may make things look better, but what about the resultant and adverse consequences in the long term for the unprotected Indian domestic market?
"Steps such as FDI reform will encourage foreign investors and allow India to realise its dream of becoming one of the world's most powerful economies", he said in a statement. Earlier also 100 per cent FDI was allowed in the segment, but it required government approval.
While India has seen its economy slowing recently, it has managed to secure a lot of foreign capital even without the new opportunities in place for entrepreneurs from overseas.
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In construction sector, the Government clarified that real-estate broking service eligible for 100% FDI under automatic route.
The Union Cabinet has given its approval to a number of amendments in the FDI Policy. "In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment", said an official statement.
"It has been chose to permit single brand retail trading entity to set off its incremental sourcing of goods from India for global operations during initial five years, beginning April 1 of the year of the opening of first store against the mandatory sourcing requirement of 30% of purchases from India", the statement said. "This should also generate employment and give the Indian consumers access to several global brands", said Pinakiranjan Mishra, partner and national leader, consumer products and retail, EY.
The National Democratic Alliance (NDA) has amended foreign direct investment (FDI) rules for the fourth time in three years to liberalize the investment regime for single-brand retail, real estate brokerage, aviation and power exchanges.
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