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.
India can become a $6.7 trillion economy by 2031, from $3.4 trillion currently, if the country clocks an average growth of 6.7 per cent for 7 years, an S&P Global report said on Thursday. India had clocked a 7.2 per cent GDP growth in 2022-23 fiscal. But a global slowdown and lagged effect of a policy rate hike by RBI could slow down growth to 6 per cent in the current fiscal, S&P Global said in a report titled 'Look Forward: India's Money'.
The committee of secretaries (CoS) looking into the issue of allowing foreign direct investment (FDI) in the multi-brand retail segment is likely to meet this Friday to try for more agreement on the issue.
The Foreign Investment Promotion Board seems to have laid to rest the controversy surrounding FDI investments routed via Mauritius.
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 group proposes to invest Rs 10,500 crore in single-brand retail trading in India through a 100 per cent subsidiary.
'After 2011-2012, both our investment rate and savings savings rate have declined. 'Correspondingly, the savings rate in the economy as percentage of GDP, also has come down.'
India Inc has expressed strong displeasure over the Delhi government's decision to withdraw approval to FDI in multi-brand retail, saying the move was likely to hinder foreign investments flowing into the country.
With economic recovery in the rich countries, especially European nations, remaining fragile, FDI inflows to India plunged by 48 per cent to $1.04 billion in January over the same period last year.
The Railway Minister has announced that there is an urgency to attract FDI in Railway projects.
Internet shutdowns by law enforcement agencies like the one in Manipur and Punjab cost $1.9 billion to the Indian economy in the first half of 2023, a report said on Thursday. The shutdowns also led to a loss of nearly $118 million in foreign investment and triggered over 21,000 job losses, the global non-profit Internet Society said in its report 'Netloss'. The non-profit arrived at the financial impact of the shutdown going beyond the loss of output and included factors like change in the unemployment rate, Foreign Direct Investment (FDI) lost, risks of future shutdowns, population in the working age etc.
Govt moves to bring in more clarity on definition of 'control'.
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.
Asserting that there is no compulsion for implementing FDI in retail and states are free to decide on it, Parliamentary Affairs Minister Kamal Nath on Wednesday urged all political parties to vote against the Bharatiya Janata Party.
Meanwhile, Parekh and Ganguly make a strong and compelling case for FDI in retail. Read on
During November, FDI flows into China, the largest recipient of foreign investment through this route, fell for the 10th time in 11 months, as labour costs rose and an economic slowdown dragged growth down for seven quarters in a row.
The talks for a free trade agreement (FTA) between India and Canada may have taken a pause but will resume once the political row between the two countries is resolved as the pact has economic benefits for both the nations, trade experts and exporters said on Friday. However, they said that India may not hurry for the trade agreement as 60 per cent of New Delhi's exports are already entering Canada at zero duty. Earlier this month, India and Canada paused the negotiations for the agreement due to political reasons.
The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, discussed 30 foreign direct investment proposals, including 10 from pharma sector.
Telecom Secretary R Chandrashekhar on Thursday said 100 per cent foreign direct investment (FDI) in telecom would not be possible before the 2G auction.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
The Finance Ministry further said decision on seven FDI proposals has been deferred.
The highest FDI came in services ($2.18 billion), followed by automobiles ($1.28 billion), pharmaceuticals ($1.27 billion) and construction development ($1.05 billion) in the 11 months of 2013-14.
Breaking his silence on FDI in multi-brand retail, Dravida Munnetra Kazagham chief M Karunanidhi on Monday said his party will not support the Centre's decision to allow foreign investment in the sector.
Opposing FDI in the retail sector, activist Anna Hazare on Wednesday said the move would lead to enslavement of the countrymen and will not benefit the farmers as claimed by the government.
The government on Wednesday cleared the long-discussed proposal to hike foreign direct investment limit in the telecom sector to 74 per cent from the current 49 per cent, Finance Minister P Chidambaram said after Cabinet meeting.
India is now a biz friendly nations, say Arun Jaitley.
Prominent e-commerce marketplace players include Amazon.in, Flipkart, Snapdeal, Paytm, Shopclues and Jabong
The Congress on Saturday saw "no crisis" over the opposition of it allies like Trinamool Congress to the FDI in retail and said that the party was fully behind Prime Minister Manmohan Singh on the issue.
Sources said in order to address the security concerns, FDI proposals from Pakistan would be routed through the Foreign Investment Promotion Board.
Even as the Centre is working overtime to roll out FDI in retail while the real decision might rest with the states, Arvind Singhal, chairman, Technopak Advisors, often referred to as the poster boy of the Indian retail sector, said the so-called big-ticket measure was "not the most important thing"for the sector.
Between 2004-05 and 2007-08, FDI in services leapfrogged to $6.61 billion from $444 million, an official statement said. The real estate sector which was thrown open in 2004-05 saw the FDI picking up slowly in the initial two years, but grew substantially in 2007-08 to $2.17 billion.
Inter-ministerial body Telecom Commission on Tuesday approved hiking foreign direct investment limit in the sector from 74 per cent to 100 per cent.
The move comes in the backdrop of a slowdown in the foreign direct investments and its impact on the current account deficit.
A leading economic think-tank on Thursday advocated allowing foreign direct investment of upto 49 per cent in the retail sector.
Foreign direct investment inflows to India increased by 67.6 per cent year-on-year to $2.38 billion in the first six months of the current fiscal ended September 30.
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The new Insurance Bill may be implemented in 2015.
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