Currently, we are planning to construct one animation centre in Pune. We have asked PwC to prepare a detailed report for the same; it should be ready in the next four months.
Most of the unicorns or billion-dollar valuation firms including Flipkart, Paytm and Ola have had the maximum stakes owned by foreign funds. The founders of all these firms have either single digit stakes in their companies or in low double digits.
After 100% FDI, DIPP has put a condition an e-commerce entity will not be permitted more than 25% of sales through its marketplace from one vendor or their group companies
The central bank may classify them as foreign-owned Indian banks.
Uptick in growth projected in second half of current fiscal based on 10 factors including higher FDI flows, build up of demand pressure, positive GST revenue growth
The cap of 25% on sales to group companies likely to be removed.
Agricultural Minister and Nationalist Congress Party chief Sharad Pawar on Wednesday said Trinamool Congress, which has withdrawn support from UPA government over FDI in retail issue, had every right to take its own decision and work for it and so has the UPA government to persist with its policy.
Fitch Ratings on Thursday said the resurgence of COVID-19 infections may delay India's economic recovery, but won't derail it, as it kept the sovereign rating unchanged at 'BBB-' with a negative outlook. It projected a 12.8 per cent recovery in GDP in the fiscal year ending March 2022 (FY22), moderating to 5.8 per cent in FY23, from an estimated contraction of 7.5 per cent in 2020-21. Fitch had in June last year revised outlook for India to 'negative' from 'stable' on grounds that the coronavirus pandemic had significantly weakened the country's growth outlook and exposed the challenges associated with a high public debt burden.
"We are concerned about the data localisation law and the new e-commerce regulations...they do not fully take into account the needs of all stakeholders, including American and other foreign companies," acting principal deputy assistant secretary of the US, Thomas Vajda said.
Softening the demonetisation blow, the Budget for 2017-18 on Wednesday halved the tax to 5 per cent on incomes up to Rs 500,000 but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
It is unpredictability which is bound to have a very negative spin-off which needs to be avoided, said Trade Minister Anand Sharma.
Walmart is waiting to understand as to how much multibrand retail might or might not move forward.
Finance Minister Nirmala Sitharaman on Tuesday said there were visible signs of revival in the economy but the GDP growth may be in the negative zone or near zero in the current fiscal.
The department of economic affairs, in its Monthly Economic Review for September, said critical reforms undertaken by the government will put India to a strong and sustainable growth path in the long run.
International single-brand retail companies are likely to shift to a new fee-based local partnership format in India from the present equity-sharing model, once the revised policy on foreign direct investment in this segment takes effect.
Against the backdrop of objections by some MPs, Civil Aviation Minister Ajit Singh on Tuesday strongly defended the Rs 2,058 crore (Rs 20.58 billion) Jet-Etihad deal, saying those opposing it were "long on politics and short on facts".
The proposal to allow 100% FDI in the construction and maintenance segments of the railway network was floated in August last year.
RBI chief Raghuram Rajan said Asia's third-largest economy is being hampered by a drop in public and private investments.
Still, the earliest India will get to experience Apple online will be early 2020 and the company's first fully-owned signature store should be up around 2022 -- almost two decades after it had opened its first store worldwide, writes Nivedita Mookerji.
With reduced uncertainty and clarity on the spectrum-pricing and sharing front, industry set to see positive growth and stability in the new year.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
Major global airlines, including Gulf carriers, are keen to invest in this space.
India's MRP and Packaged Commodities Acts are dated and not in line with the modern world's digital price mechanisms and comparisons.
The petroleum ministry has recommended a hike in the foreign direct investment cap in government-owned refineries to 49 per cent from the current 26 per cent.
The strike, however, had no impact on production of auto majors Maruti Suzuki India, Hero MotoCorp, Honda Cars India, Mahindra & Mahindra, Tata Motors and Hyundai Motors India as their plants in various parts of the country functioned normally.
Multinational organizations including PepsiCo and industry associations like IPA, have come in favour of India's intellectual property regime, which is being reviewed by the US administration.
Tamil Nadu Chief Minister J Jayalalithaa on Saturday upped the ante against the Centre's recent policy moves, stating, "The UPA government is unfazed by the sufferings of the common people, small traders and small farmers. The UPA's latest FDI flag is diversionary -- more to anesthetise the mammoth corruption charges against the UPA government especially when elections seem imminent."
Three foreign single-brand majors apply in the past one month.
'The trading community will be a priority for Modi when he forms the next government.'
Civil Aviation Secretary R N Choubey said on Friday there would be no compulsion on airlines.
The Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, approved the proposal at its meeting in New Delhi.
Karnataka, Maharashtra, Tamil Nadu, Telangana and Kerala have been ranked as the top five states in innovation in Niti Aayog's second Innovation Index released on Wednesday. The index, released by Niti Aayog's vice chairman Rajiv Kumar and CEO Amitabh Kant, has been developed on the lines of the Global Innovation Index. Jharkhand, Chhattisgarh and Bihar have been ranked at the bottom of the index. Karnataka topped the index for the second year in a row.
Market participants must appreciate that staying cautious is a virtue for central bankers and should not expect a sudden reversal in the formal monetary policy stance.
US retail major is in talks with Flipkart, Snapdeal, ShopClues and Grofers for partnership.
Union Commerce and Industry Minister Anand Sharma takes on Narendra Modi, says: Gujrat cannot be sold as a model state as it has many flaws.
'These firms do not contravene provisions of Chartered Accountants Act, 1949, which bar members of the countries not allowing Indians to practice accountancy in their jurisdiction to become chartered accountants in India,' said the committee, headed by Anurag Agarwal, a joint secretary in the ministry of corporate affairs, and such Indian audit firms cannot be equated with multi-national corporations.
While RBI is likely to cut repo rate by 25 basis points on Wednesday, the government is also expected to push reform initiatives like increasing FDI limit in insurance sector in the Budget session, it added.
This was in response to the assertion of some officials of the finance ministry and the Department of Industrial Policy & Promotion that a strategically placed comma in DIPP's press note on FDI in civil aviation meant foreign airlines were allowed to hold up to 49 per cent stake in existing Indian carriers, as well as new airline companies being set up.
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