The Department of Industrial Policy and Promotion in the Commerce Ministry proposes to scale back the Foreign Direct Investment ceiling for the tobacco industry from 100 to 74 per cent and insert a caveat that cigarettes manufactured in the new ventures or in upgraded facilities must be mainly for consumption outside India.Sources said the department, which is responsible for the policy on FDI, is finalising a cabinet note aimed at comprehensive review of the tobacco policy.
FDI into the country increased by 30 per cent to $21.62 billion during April-September this fiscal.
To resolve the so-called 'angel tax' issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums, she said.
Tech giant allowed to set up fully owned shops, with 30% local sourcing like everyone else.
The retail company has sought approval to invest Rs 10,500 crore to set up single-brand retail stores in the country.
The Union Cabinet is expected to soon consider a proposal to increase foreign direct investment cap in broadcasting services like Direct-to-Home and cable TV networks to a uniform 74 per cent.
After the Kerala government declared the coronavirus outbreak as a 'state calamity', as the three positive cases were detected from Thrissur, Alapuzha and Kasaragod, tourism minister Kadakampally Surendran admitted that the sector had suffered a hit. The sector had aggressively launched promotional advertisements in the domestic and international markets after the floods to revive the sector. However, all the efforts took a beating, with mass cancellations of hotel bookings after the outbreak of the infection in the state was reported.
The Union ministry of agriculture and the department of land resources under the ministry of rural development have given "in principle approval" to a proposal of the Department of Industrial Policy and Promotion (DIPP) to invite FDI for developing non-arable land through better technology into fertile and cultivable land.
Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.
The Centre on Tuesday said it will not seek disclosure of flash sales from e-commerce players to regulate the fraudulent sale of goods and services but will take appropriate action as per the law on consumer complaints. Discount sales that benefit maximum to consumers will continue, but not fraudulent flash sales on the e-commerce platforms, the government said, adding that the e-tailers need not be "anxious" about the draft rules. Ban on fraudulent flash sales, mis-selling and appointment of chief compliance officer/grievance redressal officer -- are among key amendments proposed to the Consumer Protection (e-commerce) Rules, 2020, on which the government has sought public comments by July 6.
The commerce and industry ministry is not in favour of allowing foreign airlines to buy stake in Indian carriers on the ground that the sector is sensitive.
Japan Plus to facilitate and fast-track investment proposals.
Similarly, FDI from Cyprus too increased by about three-times to $879 million in the last financial year from $296 million in 2018-19.
Currently, 100 per cent FDI in is permitted if the companies manufacture cigars or cigarettes or allied products.
In a discussion paper, the Department of Industrial Policy and Promotion has suggested creation of new service entities to which most of the statutory compliances, under the labour laws for small and medium enterprises, can be outsourced.
To seek tax exemption, a start-up will now have to apply, with all the documents, to the DIPP instead of the inter-ministerial board of certification. The earlier requirement of start-up to submit report from merchant banker specifying the fair market value of shares has also been removed.
The Union ministry of food and consumer affairs proposes to insert a new clause in the fresh discussion note for the Cabinet on allowing foreign direct investment (FDI) in multi-brand retail.
While foreign direct investment is not allowed in the multi-brand retail, the organised retail stores promoted by the domestic industrial houses have been steadily growing.
It will provide a single-stop shop for all business licences and permits, eliminate the need for a physical interface with various regulatory authorities at the central, state and local government levels and provide all business-related information 24x7 on a single portal.
An announcement has barred the entry of journalists in the finance ministry.
Telecom companies have been desperately waiting for a bailout package from the government after a Supreme Court order put their statutory liabilities at Rs 1.47 lakh crore.
The Indian government has asked the cement industry to concentrate on modernisation and upgradation of technology, optimisation of operations and increased application of automation and information technology.
The government hopes that the PLI schemes would provide 200,000-300,000 direct employment over five years, according to sources in the know.
The current crisis Karnataka Chief Minister Siddaramaiah is facing is a cumulative effect of inattention to water management and the fiscal burden of populist promises, says Aditi Phadnis.
The government is likely to announce significant policy measures relating to allowance of foreign direct investment (FDI) in the multi-brand retail segment, even as the Department of Industrial Policy and Promotion (Dipp) under the Ministry of Commerce and Industry is giving final touches to the draft report prepared by an inter-ministerial committee.
The company seeks easing of sourcing norms for retail FDI; govt unwilling to make exception.
In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route. Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnav said nine structural reforms for the telecom sector were approved. The definition of AGR, which had been a major reason for the stress in the sector, has been rationalised by excluding non-telecom revenue of telecom companies.
Now we need to fight back to reclaim our food and our habits. The only way to do so is to rediscover food as pleasure and be thrilled, not just by its smells and tastes, but also by the knowledge it embodies, says Sunita Narain.
Cabinet nod not required after commerce ministry approval.
Tesco, which has sought the government's permission to buy 50 per cent stake in Tatas-owned Trent Hypermarket Ltd, will have to invest atleast $55 million in creation of fresh back-end infrastructure.
The commitment by Japan to invest $35 billion or 3.5 trillion YEN is for infrastructure sector over five years.
American retail major Walmart has snapped ties with Indian partner Bharti but its plans to enter the country's multi-brand retail space appears intact.
DIPP's proposal is believed to have the support of the ministry of consumer affairs, food and public distribution and was originally mooted by the Forward Markets Commission.
Cap in single-brand retail likely to be 74%.
Commerce and Industry Minister Anand Sharma along with officials from his ministry were in the Nordic country for a two-day visit. They were accompanied by Indian industrialists led by the Confederation of Indian Industry.
Three months have passed, but the Maharashtra government has not been able to finalise its report on the results of the September 22 referendum it had organised in 22 villages of Raigad district that form part of the 10,000-hectare Mumbai Special Economic Zone developed by Jai Corp, a company promoted by Reliance Industries chairman Mukesh Ambani's close associate Anand Jain.
Retailers can buy existing facilities if they spend $50 mn to create additional infra.
The 'Make in India' vision cannot survive in the long-term without concrete measures to build a concurrent 'Create in India' movement.
The document consolidating all the aspects of foreign direct investment policy and framework will be released by commerce and industry minister Anand Sharma, an official said.
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