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.
Going ahead with its festive sales as per schedule, companies such as Flipkart, Jabong, and Myntra are having week-long Valentines' Day sales, offering discounts of as much as 80 per cent. Amazon India is also offering discounts of almost 40 per cent.
India on Friday moved closer to a major economic reform, with a committee of secretaries (CoS) giving an approval in principle for allowing up to 51 per cent foreign direct investment in multi-brand retail.
The Department of Industrial Policy and Promotion has been working on the draft for the last several months. The areas coming up for review may include sports goods and airport ground handling services, besides gas and petroleum.
The government has gone ahead with the move 'notwithstanding the widespread opposition' to FDI in multi-brand retail trade, the party said, adding it would wage struggles "to get this anti-national decision rescinded'.
The much-awaited guidelines on foreign direct investment in telecom are expected to be notified this month with companies likely to be given a maximum of four months
Smaller Singapore- and US-based venture capital funds, retail associations and trader bodies such as the CAIT and SJM are all planning to approach the government to put pressure on the commerce ministry.
In a first, Prime Minister Narendra Modi on Wednesday met the secretaries of all the government departments collectively and asked them to directly get in touch with him to resolve issues and expedite decision-making.
The chief minister said that he had received Sharma's letter regarding the union cabinet's decision for liberalisation of the Foreign Direct investment policy in multi brand retail.
The finance ministry is of the view that all interests -- direct and indirect -- should be taken into account and that there should not be any threshold for calculating total effective foreign shareholding in a company.
The government will soon come up with detailed guidelines for private banks including hike in the foreign holding from 49 to 74 per cent and allowing foreign banks to set up subsidiaries in the country.
The value of oil imports decreased by 37.5%.
One of the papers could be on liberalising the foreign direct investment regime in the retail sector.
The industry ministry has circulated a draft Cabinet note for allowing foreign direct investment in multi-brand retail, a move which will allay industry's concern over policy paralysis.
Growth in India will pick up from current levels, says LEO Puri, managing mirector, UTI Asset Management Company.
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
Coming out strongly in defence of foreign direct investment in retail, the ministry of commerce and industry has told the Prime Minister's Office that there is no empirical evidence to suggest that organised retail would adversely impact small retail
The RBI governor is focused on growth, and keeping rupee slightly depreciated is part of that 'Atmanirbhar Bharat' strategy.
Amber Dubey explains why India needs to stop blocking competition if it ever wants to become the top aviation market.
'The RSS doesn't intervene, interfere or try to dominate government policy-making... The responsibility of running the government is entirely in the hands of the BJP.'
'China's investment destination image the world over has taken a beating, therefore investors feel India is a safe haven for investments.' 'FDI is at an all-time high in India.' 'Now after such poor ratings, this FDI amount will fall.' 'Therefore, I am saying these things are happening at China's behest.'
By the year 2026, India will be the third in the world after China and USA in engineering, manufacturing and export of vehicles and auto components.
At present, a project with investment of more than Rs 600 crore in sectors routed through the Foreign Investment Promotion Board has to be referred to the Cabinet Committee on Economic Affairs.
The Foreign Investment Promotion Board has pulled up the department of revenue for rejecting all foreign direct investment proposals in which funds are routed through Mauritius and said it has taken a conscious policy decision to overrule such objections.
Mr Prabhu has a big challenge ahead in implementing trade reforms to regain the lost export momentum, says Jayanta Roy.
On the eve of winter session of Parliament, the Bharatiya Janata Party on Wednesday alleged that the United Progressive Alliance government is pursuing anti-people economic policies like allowing FDI in multi-brand retail and, therefore, has no moral right to continue in office.
Intermediaries, TPAs will also benefit, but investments will be under 26% FDI cap
A historical context would underline the same point.
The department of industrial policy and promotion has been engaged in the annual exercise of review of the FDI policy for several months and has received quite a feedback from number of ministries like petroleum, food processing and finance.
Inaugurating the two-day 'Global Investors Summit' hosted by Assam, Modi said the National Democratic Alliance government has speeded up the functioning of official machinery and "we want all programmes to be completed before target".
Amazon India is waiting for clarifications from the government on several aspects of the latest FDI guidelines to be able to carry on with business in the country. Sources said, no new investment is likely till at least the second half of 2019.
Indian governments enjoy brief periods of autonomy before politics take over.
It plans an investment Rs 20 crore.
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