Terming the prime minister's address to the nation on September 21 as "most laughable", Shiv Sena chief Bal Thackeray said Manmohan Singh has "shamelessly" defended Foreign Direct Investment (FDI) in retail and rise in diesel prices.
A government panel on Tuesday proposed raising foreign investment limits in sectors like defence, multi-brand retail and telecommunications, to spur investment in the country and tide over the Current Account Deficit woes.
A recent public interest suit in the Supreme Court over foreign direct investment (FDI) in retail may have thrown the industry into a tizzy, but lawyers, constitutional experts and government officials indicate the multi-brand retail FDI policy is unlikely to get derailed over Fema.
In a major policy reversal, the AAP government wrote to the Centre to withdraw the approval given by the previous Sheila Dikshit government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
The deadlock in Parliament over Foreign Direct Investment in retail and several other issues continued for the ninth day on Friday with the opposition and some members of United Progressive Alliance partner Trinamool Congress creating uproar in both Houses to press for their demands. Both Lok Sabha and Rajya Sabha were adjourned minutes after they met for the day.
Foreign direct investment (FDI) in India declined by about 15 per cent to $12.6 billion (Rs 74,971 crore) during April-October this year, Parliament was informed on Wednesday.
Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board.
For the first time in the history of Rajya Sabha, its chairman and Vice President Hamid Ansari has permitted All India Anna Dravida Munetra Kazhagam -- a regional political party to initiate the FDI in retail discussion in the Rajya Sabha on Thursday.
The Eleventh Plan draft document has built a strong case for relaxing foreign direct investment norms in key sectors like insurance, private banking, single brand retailing and broadcasting. The draft would be discussed at full Planning Commission panel meeting on Thursday.
FIPB had taken up these three proposals in its meeting in August, but the decision on them was kept in abeyance.
SBI has the largest exposure of Rs 1,500 crore (Rs 15 billion) to the airline which has not been serviced since this January.
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
The United Progressive Alliance government had opened the multi-brand retail sector for foreign investment and allowed up to 51 per cent foreign direct investment in the sector.
The 2014 survey, which polled 502 global executives from companies with international presence, showed the majority of respondents were considering increasing their presence in India.
China and India continue to rank first and second respectively in the list of 25 most attractive FDI destinations, according to a study conducted by a global strategic management consulting firm.Brazil, the United Arab Emirates and Russia ranked among the top 10, the findings of the latest FDI Confidence index, a regular survey of global executives conducted by management consulting firm, A T Kearney, revealed.
FDI inflows into the country have been declining over the past two years despite policy easing in about a dozen sectors.
The Enforcement Directorate, which probed the alleged contravention of foreign exchange laws by Walmart in its investments in domestic supermarket chain Bharti Enterprises, has found no violation of FDI guidelines by the US multinational retail giant.
In 2012, India attracted $22.78 billion of FDI, according to the data by Department of Industrial Policy and Promotion.
Ten states and Union Territories have endorsed the Centre's decision to allow FDI in multi-brand retail, Minister of State for Commerce and Industry Jyotiraditya Scindia said on Monday.
Trinamool Congress Monday said Left's failure to support a no confidence motion to be brought by it in winter session will mean that their opposition to FDI in multi-brand retail "is false and sham" and voiced hope that all parties would come on board.
The Bharatiya Janata Party on Wednesday played down the remark made by Shiromani Akali Dal leader and Punjab Deputy Chief Minister Sukhbir Singh Badal on backing Foreign Direct Investment in retail if the United Progressive Alliance government addresses the concerns of traders.
28 private sector companies are having FDI varying up to 26 per cent.
"We are seriously considering raising the bar further- that means to allow increased FDI," Commerce and Industry Minister Anand Sharma said at a CII event on Indian luxury market.
A Cabinet minister tells Sheela Bhatt that Prime Minister Manmohan Singh has taken a gamble on the FDI in retail issue and insists that the Congress party is with him.
A Cabinet minister tells Sheela Bhatt that Prime Minister Manmohan Singh has taken a gamble on the FDI in retail issue and insists that the Congress party is with him.
It also plans to open 5 new centres across India in addition to its two fulfilment centres (FCs) in Mumbai and Bangalore.
Industry experts say that the government needs to further relax FDI norms to attract investors to the sector.
"We have close to about 175 press notes circulating... the Industry Ministry has taken a decision to put all of these together in a booklet so that the FDI rules become much simpler for a foreign investor."
The net FDI for 2006-07 would be around $9 billion, up from $4.7 billion last year, the Prime Minister's Economic Advisory Council said in its update on the country's balance of payments outlook for this fiscal.
The new Consolidated Foreign Direct Investment Policy, effective from April 1, limits FDI in defence units to 26 per cent. But the Department of Industrial Policy & Promotion of the commerce ministry is in favour of raising this limit.
Ministerial consultations on, with recognition of the potential, and the need to not classify it under the same rules as for pharmaceuticals.
Ahead of his meeting with Congress members of Parliament to allay their apprehensions on FDI, Mukherjee met Gandhi at her 10, Janpath residence for about 10 minutes, party sources said.
Defence Minister A K Antony expressed his displeasure to Prime Minister Manmohan Singh, in presence of their Cabinet colleagues on Thursday, for permitting 51% Foreign Direct Investment in multi-brand retail.
After declining for two months in a row, foreign direct investment (FDI) in India grew by 8 per cent year-on-year to $2.15 billion in January.
Foreign direct investment in the multi-brand retail may be allowed subject to a stiff condition that global retailers will have to invest heavily in the back-end infrastructure like warehousing and cold storage.
Senior Congress leader Anand Sharma on Wednesday denounced the Modi government's decision to allow 100 per cent foreign direct investment in defence sector by easing norms, saying the prime minister was working under pressure from the United States and his party would oppose it in Parliament.
The FDI inflows in July 2009 were $3.51 billion. Contrary to smart recovery in the domestic economy and a rebound in exports, overseas investment show a slackening trend in the current fiscal, an official told PTI.
The BJP-led government may not permit foreign retailers to open mega stores in the country as such a move may adversely impact small traders and farmers, new Commerce and Industry Minister Nirmala Sitharaman indicated.
With a view to simplify foreign direct investment process, the government plans to introduce a single FDI document by end-fiscal and is currently discussing the various modalities, Commerce and Industry Minister Anand Sharma said on Monday.
