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13 January 2018, 03:53 | Cesar Cruz
FDI policy liberalised, 100% FDI now in retail, construction
Under the circumstances, it would be prudent to honour the report of the parliamentary committee, which has recently recommended against the disinvestment in Air India and has recommended for holding back this decision for the time being, he added.
Expressing strong resentment on the government's decisions of easing FDI investments, Swadeshi Jagran Manch (SJM) co-convener Ashwani Mahajan said, the organisation, "firmly believes that easing the norms for FDI in SBRT would go against the best interest of the country".
For single brand retail trading, there is no approval required of the Government for 100% FDI. It is therefore, eligible for 100 per cent FDI under the automatic route.
Currently, the policy provides for 49 percent FDI under automatic route in power exchanges.
"It has now been made a decision to do away with this restriction and allow foreign airlines to invest up to 49% under approval route in Air India", it said. It will lead to larger FDI inflows contributing to growth of investment, income and employment. Foreign airlines are already allowed to own up to 49% of private airlines in India but were restricted from investing in the state-run carrier, which.
WB projects 7.3% growth India's growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has "enormous growth potential" compared to other emerging economies with the implementation of comprehensive reforms.
The Centre of Indian Trade Unions (CITU) on Thursday denounced the decision of the government to allow 49 per cent foreign direct investment (FDI) in Air India and said it was aimed at expediting the privatisation of the national carrier.
Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said the move would help further improve investment climate in India.
Relaxing a procedural requirement, the government said it has now been decided that for investments in automatic route sectors, requiring approval only on the matter of investment being from country of concern (that is Pakistan and Bangladesh), FDI applications would be processed by the DIPP for government nod.
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