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.
FIPB may be asked to vet downstream projects.
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.
India, the world's fifth largest economy in the world, is likely to overtake Japan to become the world's third-largest economy with a GDP of $7.3 trillion by 2030, S&P Global Market Intelligence said in its latest issue of PMI. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year. India's gross domestic product (GDP) is expected to grow 6.2-6.3 per cent in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year.
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.
Improved monsoon, solid fiscal performance, and capex push by the public and private sectors augurs well for India's macroeconomic stability and growth, the finance ministry's monthly economic review for June 2023 said. But the report said that while India's domestic fundamentals remain strong, negative cross-border spillovers and adverse global developments could act as a deterrent in achieving the high growth path this financial year. "An improved matching of aggregate supply and aggregate demand in the Indian economy underpins the progress made in the control of domestic inflation and the consequent strengthening of macroeconomic stability," the review said.
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.
Services attracted the most FDI during the first eleven months period of 2015-16.
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.
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.
FDI is essentially long-term investments that come with added benefits such as better technology, management and marketing assistance, says the study.
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.
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.
"Call it a craze, fever or national interest but HSR is our window to the outside world."
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.
China continues to attract good inflows of foreign direct investment, with $3 trillion of forex reserves.
India needs to fully open its retail market to foreign investors in order to drive economic growth, although the subject was strictly taboo till last year because of pressure from the government's allies and livelihood concerns.
The other sectors where inflows have declined include pharmaceuticals ( $680 million).
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.
The decision to increase FDI in single brand retail was taken by the Cabinet on November 24 along with opening the gates for overseas investment in the multi-brand retail.
The government on Tuesday said it would carefully consider proposals of a parliamentary standing committee to allow FDI in pension sector on the pattern of the insurance sector.
Left parties on Monday decided to extend support to the 'Bharat Bandh' called by Confederation of All India Traders on December 1 to protest the Centre's decision to allow FDI in retail.
The Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce has called a meeting on July 10 to discuss the foreign direct investment (FDI) policy in the cigarette industry.
The government will release the revised consolidated FDI policy paper, a ready reckoner on foreign investment related regulations for overseas investors, on September 30.
China's FDI growth saw ups and downs in the first 11 months of 2015.
With the Union government clearing the way for foreign direct investment (FDI) in the railways, the Railway Board is devising a plan for operations, maintenance and construction projects.
Till the other day, the Indian National Trade Union Congress (INTUC) had made no secret of its opposition to foreign direct investment in multi-brand retail. But the trade-union wing of the ruling Congress party at the Centre has now had a change of heart.
In January 2014, the country had received $2.18 billion FDI.
In 2011-12, FDI rose 34.4 per cent to $46.84 billion, compared with $34.84 billion in 2010-11 and $37.74 billion in 2009-10, according to data from the Department of Industrial Policy and Promotion.
The data will be released in coordination with the Reserve Bank, which has so far been the sole agency for compiling information on the outward FDI.
Will help to reduce current account deficit and restore growth.
After approving 51 per cent FDI in multi-brand retail, the CoS is said to have suggested stringent conditions for foreign retailers such as minimum investment of $100 million.
The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
Global FDI inflows rose five per cent to $1.24 trillion in 2010, but were still 37 per cent below the 2007 peak and 15 per cent below the pre-crisis average.
