In 2011-12, 2010-11 and 2009-10, the sector attracted FDI worth $1.99 billion, $1.66 billion and $2.55 billion respectively.
The ban has been in force since last Friday.
The country's top three venture debt firms -- Alteria Capital, Innoven Capital, and Trifecta Capital -- combined deployed about $300 million (Rs 2,200 crore) in start-ups such as BigBasket, Cure.fit, Ninjacart, Dunzo and Lendingkart till April end, according to the government's Investindia website.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
Foreign direct investment (FDI) in India has declined by six per cent to $5.47 billion during January-March quarter of the current calender year even as government is making efforts to promote the country as an investment destination.
Department of Industrial Policy and Promotion secretary Ajay Shankar told PTI, "India is emerging as a globally competitive manufacturing hub for small fuel efficient cars." Shankar, who was in London to interact with the UK-India Business Council and the India Business Forum, said, though, export-oriented small and medium enterprises have been severely hit, 'fortunately the auto-sector in India has revived.'
On December 21, MHA promulgated a draft Arms and Ammunition Manufacturing Policy, which allows the Department of Industrial Policy & Promotion (Dipp) to issue licence to large private companies that are capable of producing advanced weapons, and invest over Rs 50 crore (Rs 500 million), to manufacture arms and ammunition to be "primarily supplied to the Central Paramilitary Forces, Defence and state governments on tendering basis".
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Govt unveils reforms that cuts down time and bureaucracy.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
The central bank may classify them as foreign-owned Indian banks.
Chaturvedi said the highest ever FDI flows received by the country were in FY12 at $35.12 billion while in four months of this fiscal alone we have crossed $10.75 billion.
Scheduled meetings of various Groups of Ministers have been postponed for the foreseeable future as key ministers in the United Progressive Alliance government turn their attention to political assignments for the Assembly polls in six states.
The study found out that in terms of tourism budget, Jharkhand ranks the highest with Rs 160 crore, compared to West Bengal's Rs 31 crore (Rs 310 million), Orissa Rs 44 crore (Rs 440 million), Bihar Rs 25 crore and Chattisgarh Rs 50 crore (Rs 500 million).
The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, discussed 30 foreign direct investment proposals, including 10 from pharma sector.
ICICI Bank has asked the government not to take into account overseas securities like ADR and GDR when deciding on whether a bank is Indian or foreign.
To tap into the growing demand for offices, several global and Indian co-working entities are creating stock in the top cities.
Foreign investment cannot enter India through a circuitous route in sectors like multi-brand retail, atomic energy and the lottery business and will need to operate within the sectoral caps, according to new guidelines.
Financial details of the project, awarded by the department of industrial policy and promotion, were not disclosed. The eBiz Project announced on Tuesday is among the 27 central, state and integrated mission mode projects under the National e-Governance Plan of the Department of Information Technology. Under it, Infosys will also do training, workshops, promotion and awareness campaigns.
The company has set an internal target of 6-18 months to set up the data centre. The plan is part of the $1 billion ByteDance has recently committed to the Indian market over the next three years.
The wholesale price-based inflation stands at 9.9 per cent in March, but many analysts criticise the compilation of data, saying it includes several items that are no longer in vogue.
Foreign direct investment limit in insurance sector is likely to be hiked to 49 per cent only after the Lok Sabha elections.
Undeterred by global credit freeze, India maintains a bullish outlook on attracting foreign direct investment which may be governed by easier rules, a top government official said.
India is estimated to have received FDI of $27.5 billion in 2008-09, up from $24.57 billion in the previous year. Though the cumulative increase for 2008-09 is small, it is considered a positive development, given the fact that the global financial crisis is the worst.
While asserting that the growth of coronavirus cases in the country has been more or less linear and not exponential, it also said testing has been ramped up consistently.
100 per cent FDI is now allowed in almost every major TV distribution form (direct-to-home, cable, headend-in-the-sky, multi-system operators) and 49 per cent in TV news.
The hotels in the pipeline will include a range of Marriott brand portfolios such as JW Marriott, Tribute Portfolio and Sheraton.
Move to make investing in sectors with FDI cap easier.
The relaxation will apply to those sectors that have composite caps (foreign direct investment or FDI plus FII). "The move will not impact sectors like banking and insurance which are governed by Acts of Parliament. However, sectors with composite caps which see administrative control like telecommunication services, broadcast services like direct-to-home and FM radio will benefit," a Delhi based FDI policy expert told Business Standard.
The inflation rate has been falling at a steady pace, after peaking at 12.83 per cent for the week ended August 16, 2008, mainly due to declining commodity prices. However, on a week-on-week basis, the WPI rose marginally by 0.04 per cent, due to increase in prices of certain articles, including food products like fruit and vegetables, condiments and spices as well as some processed food items.
Jai Corp Ltd, promoted by Reliance Industries Ltd chairman Mukesh Ambani's confidant Anand Jain, on Friday said that it has complied with requirements laid down by the Income Tax department and that nothing was found from the chairman's residence during searches on Thursday.
In June 2008, the FDI inflow was USD 2.39 billion. However, the total foreign investment inflows during April-June contracted by over 30 per cent to $7.02 billion over the same quarter of 2008-09.
This was part of a set of clarifications issued by DIPP on the norms to be used to treat downstream investments by Indian companies which have foreign equity, termed Press Note 4. Investing company means an Indian one holding only investments in other Indian companies. Foreign owned or controlled means either having foreign ownership in excess of 50 per cent or non-residents having powers to appoint a majority of board members.
Nokia's Chennai plant is under freeze over tax dispute.
The Department of Telecom, Department of Industrial Policy and Promotion, Ministry of Home Affairs, Ministry of External Affairs and the Department of Economic Affairs had to give their comments on the proposal, sources said.
One of the beneficiaries is Jindal Steel and Power, which had earlier been kept out of procurement for rails
The government should stick to the recent clarifications released on FDI in multi-brand retail trading and not ease the conditions for foreign retailers.
The event will aim at drawing foreign investment in startups and push local partnerships.
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