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.
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.
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.
It also plans to open 5 new centres across India in addition to its two fulfilment centres (FCs) in Mumbai and Bangalore.
The government has asked industry to provide a list of Chinese suppliers that would like to shift some capacity to India provided they are willing to set up JVs with Indian companies.
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.
"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.
Industry experts say that the government needs to further relax FDI norms to attract investors to the sector.
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.
Ministerial consultations on, with recognition of the potential, and the need to not classify it under the same rules as for pharmaceuticals.
"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."
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.
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.
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.
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.
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.
The CBI registered an FIR against NewsClick and its founder Prabir Purkayastha for alleged violation of the Foreign Contribution (Regulation) Act and carried out searches at the office and residence of the portal's founder on Wednesday, officials said.
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.
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.
Services attracted the most FDI during the first eleven months period of 2015-16.
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.
Notwithstanding its inability to open multi-brand retail for foreign investment, government on Tuesday notified 100 per cent FDI in single-brand retail, paving way for global chains like Adidas, Louis Vuitton and Gucci to have full ownership of their India operations.
FIPB may be asked to vet downstream projects.
Citing security concerns the Home Ministry has opposed hike in Foreign Direct Investment (FDI) caps in sectors like aviation and telecom, Lok Sabha was informed on Tuesday.
The department of telecom has rejected any suggestion to put 74 per cent foreign direct investment under the automatic route saying it is not feasible on account of national interest.
The department of industrial policy and promotion, nodal agency for FDI policy under the ministry of commerce and industry, seems to have prepared a note for the Cabinet Committee of Economic Affairs to consider.
FDI is essentially long-term investments that come with added benefits such as better technology, management and marketing assistance, says the study.
The fDi Personality of the Year awards recognise the political and business leaders around the world who have been the most proactive, dynamic and innovative in securing foreign investment and improving the business environments of their jurisdictions.
"Call it a craze, fever or national interest but HSR is our window to the outside world."
Maintaining that it was opposed to FDI in retail, the Samajwadi Party on Thursday made it clear it was not keen to 'piggyback' on the Bharatiya Janata Party over its demand for discussion on the issue under a rule that entails voting.
Analysts say July 23, 2011, was like a red letter day for foreign investors when the Committee of Secretaries, headed by Cabinet Secretary Ajit Kumar Seth, recommended opening up the multi-brand retail trade.
India's current account deficit narrowed to $1.3 billion or 0.2 per cent of GDP in the January-March quarter of FY23, mainly due to moderation in the trade deficit and a robust increase in services exports, RBI data showed on Tuesday. However, for the 2022-23 fiscal, the current account balance recorded a deficit of 2 per cent of GDP compared to 1.2 per cent in 2021-22. "India's current account deficit (CAD) decreased to $1.3 billion (0.2 per cent of GDP) in Q4:2022-23 from $16.8 billion (2.0 per cent of GDP) in Q3:2022-231, and $13.4 billion (1.6 per cent of GDP) a year ago [Q4:2021-22]," as per the RBI's 'Developments in India's Balance of Payments during the Fourth Quarter (January-March) of 2022-23'.
Defending its policy of liberalising foreign direct investment in retail, the government confirmed that it would go ahead with its plan to expand its ambit.
The other sectors where inflows have declined include pharmaceuticals ( $680 million).
The Union ministry of food and consumer affairs proposes to insert a new clause in the fresh discussion note for the Cabinet on allowing foreign direct investment (FDI) in multi-brand retail.
The government liberalised FDI policy in sectors, including multi-brand retail, single-brand retail, commodity exchanges, power exchanges, broadcasting, non-banking financial institutions and asset reconstruction companies.
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