The government on Tuesday said foreign direct investment inflows during in the current fiscal is expected to touch the $10 billion mark annually.
Insists that decisions were based on larger concerns about national security, need to insulate India from persistent global economic slowdown.
The government should stick to the recent clarifications released on FDI in multi-brand retail trading and not ease the conditions for foreign retailers.
India currently allows up to 100 per cent FDI in this sector, but the health ministry has moved a draft note for the cabinet to ban foreign investment in this sector
Opposition placated on multi-brand FDI, single-brand policy to be notified during Winter session.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
India's outward foreign direct investment (OFDI) nearly halved to $3.39 billion in April on an annual basis, as per data released by the RBI on Monday. The OFDI stood at $6.71 billion in April 2021. On sequential basis too, the outward investment from India in April was lower compared to $3.44 billion in March 2022.
The Lok Sabha will on Tuesday take up discussion on the issue of Foreign Direct Investment in multi-brand retail under rule 184 that entails voting.
Senior party leader and member of the national executive committee Yogendra Yadav said that the party had over 1.5 million members and it was only the opinion of the party officer bearers and spokespersons that was relevant.
But completion occupancy certificates to be mandatory.
Prime Minister Manmohan Singh on Friday night hosted a dinner for United Progressive Alliance leaders where the Dravida Munnetra Kazhagam is understood to have insisted that government should avoid voting in Parliament on FDI in retail, making clear its reservation on the issue.
The move to open multi-brand retail to foreign direct investment may run into rough weather, with key Bharatiya Janata Party-ruled states, as well as some constituent parties of the ruling United Progressive Alliance, rejecting or being ambivalent towards the proposed policy.
The Foreign Investment Promotion Board on Friday cleared 68 per cent foreign shareholding in cellular company Hutchison Essar, including the 10 per cent indirect stake held by Egyptian telecom operator Orascom.
Demanding withdrawal of the decision, the Communist Party of India said the government had opened up telecom sector when the country was 'yet to overcome the loot and losses due to 2G spectrum scam'.
In matters of policy, this court will not interfere unless it is unconstitutional, the judge declared.
FDI inflow of $14.6 billion in the first five months of 2008-09 showed an impressive growth of 124 per cent over the same period last year. Earlier, in October the government had expressed optimism saying India would exceed its target of $35 billion this fiscal. Sectors that attracted maximum FDI in 2007-08 were services, telecom, housing, construction activities, real estate, electrical equipment, computer software and hardware.
Experts say with a stable government, things will start improving but the impact might be visible only after six-12 months.
Facing a possible slowdown in the face of a sluggish growth in developed economies, especially in the US, the Economic Survey on suggested on Thursday a series of reforms including hiking FDI in insurance and retail sector to sustain the 9 per cent rate of economic expansion.
"We will oppose the decision of the government both at the Centre and by the state governments. The decision of the government would not only affect our domestic retail sector but would also destroy domestic manufacture because the foreign companies would be able to buy products from other countries and flood our markets with imported goods made available at these retail chains," said a senior BJP leader who is among the policy makers in the party.
Charging the Indian government with "protectionist thinking", European Union on Monday pitched for hiking the FDI cap in media from the present level of 26 per cent.
Did you miss out on the debates in Lok Sabha on FDI in retail? Read the debate texts here
The Bharatiya Janata Party on Saturday refused to accept Prime Minister Manmohan Singh's contention -- that no international pressure was behind the decision to allow FDI in multi-brand retail -- and alleged that he has done a U-turn on his own stance earlier.
Foreign direct investment to China touched $60.63 billion in 2004, registering an impressive growth of 13 per cent, the ministry of commerce said in Beijing.
India received less foreign direct investment in 2010 than the previous year, courtesy a modest recovery in the global economy which reduced the risk and expansion appetite of corporates across the world.
Big ticket investments by Vodafone and Matsushita Electric lifted FDI inflows in the first half of this fiscal to $7.2 billion, a 65 per cent rise from the year-ago period. India retained its position as the second most preferred destination for global investors as measured by the AT Kearney FDI Confidenx Index, 2007.
At a time when the world economy is facing the worst credit freeze in several decades, India attracted $2.7-billion FDI in January, up 58.8 per cent from a year ago, and remained a favourite destination for cross-border investments.
The Bharatiya Janata Party on Saturday said implementation of FDI in multi-brand retail will make India a nation of "sales boys and sales girls" and it hoped to see the end of the United Progressive Alliance government on the issue.
In July 2010, the country attracted FDI worth $1.78 billion.
China has approved 8,152 new foreign-invested companies over the past four months, a rise of 8.61 per cent year-on-year.
Govt's decision to allow FDI will attract capital, boost confidence and soothe the nerves, say experts.
On the trend of paddy-wheat cycle in Punjab, he said it was not only affecting fertility of the agricultural land, but was also causing depletion of underground water in the state.
UNCTAD on Wednesday placed India among the top four Asian FDI destinations and said it will get more foreign investment flows as global economy rebounds this year.
Finance Minister P Chidambaram has approved 18 FDI proposals totalling Rs 1,820.24 crore (Rs 18.20 billion), including Manipal Educational Group's to induct foreign investment of Rs 1,435 crore (Rs 14.35 billion) in a holding company and US-based Freightcar to set up a joint venture for railcars.
During Abe's tenure, Japan had announced support for a number of major projects. These included the bullet train project between Mumbai and Ahmedabad, besides allocations for a freight corridor between Mumbai and New Delhi.
Rakesh Gangwal's holding is considered FDI even though the majority stake in Caelum is held by NRIs
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
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