India received less foreign direct investment in 2010 than the previous year, courtesy a modest recovery in the global economy which reduced the risk and expansion appetite of corporates across the world.
The Bharatiya Janata Party on Saturday refused to accept Prime Minister Manmohan Singh's contention -- that no international pressure was behind the decision to allow FDI in multi-brand retail -- and alleged that he has done a U-turn on his own stance earlier.
In July 2010, the country attracted FDI worth $1.78 billion.
China has approved 8,152 new foreign-invested companies over the past four months, a rise of 8.61 per cent year-on-year.
UNCTAD on Wednesday placed India among the top four Asian FDI destinations and said it will get more foreign investment flows as global economy rebounds this year.
The Bharatiya Janata Party on Saturday said implementation of FDI in multi-brand retail will make India a nation of "sales boys and sales girls" and it hoped to see the end of the United Progressive Alliance government on the issue.
Finance Minister P Chidambaram has approved 18 FDI proposals totalling Rs 1,820.24 crore (Rs 18.20 billion), including Manipal Educational Group's to induct foreign investment of Rs 1,435 crore (Rs 14.35 billion) in a holding company and US-based Freightcar to set up a joint venture for railcars.
Govt's decision to allow FDI will attract capital, boost confidence and soothe the nerves, say experts.
On the trend of paddy-wheat cycle in Punjab, he said it was not only affecting fertility of the agricultural land, but was also causing depletion of underground water in the state.
In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route. Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnav said nine structural reforms for the telecom sector were approved. The definition of AGR, which had been a major reason for the stress in the sector, has been rationalised by excluding non-telecom revenue of telecom companies.
'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.'
The Cabinet on Thursday raised the foreign direct investment limit in petroleum sector to 100 per cent.
Rakesh Gangwal's holding is considered FDI even though the majority stake in Caelum is held by NRIs
The minister gave an example of how in Kochi, the commercial capital of Kerala, there are shopping complexes and retail stores, but the blooming of such stores had no negative impact on the farmers and traders.
In 2016, (till April 22), 64 proposals have been received.
Data show leather got just 0.12% of the total FDI inflows during August 1991-March 2007.
Trai and telecom companies are divided in their views on the issue of raising the foreign direct investment (FDI) limit in various media-related activities like cable television, direct-to-home, etc. Trai has proposed across-the-board increase in the FDI limit across cable (49 per cent), DTH (49 per cent), HITS (no existing limit) and satellite radio (no existing limit) to 74 per cent, as allowed in the telecom sector. Companies like Bharti Airtel are supporting this proposal
Fanning the hopes of private industry, the government today said it would consider allowing 49 per cent foreign investment in the defence sector "on a case-to-case basis."
She wondered whether reforms meant pointing guns at farmers and that there would be no shopkeepers in the localities.
The government will draw up FDI guidelines for minor investors and set up an exclusive park for overseas units.
The Bahujan Samaj Party on Monday indicated that it will support the government in Parliament on the issue of Foreign Direct Investment, saying the fact that the Centre has not thrust the policy on states and the aim of keeping communal forces at bay will determine its stand.
This much needed reform will also help the consumer who is hit with an eight per cent inflation in the month of August mainly for food items and we also expect to see quality improved with products delivered to the market place and the farmers getting a bigger share of the pie, INOC (I) said in its statement.
With the 72-hour deadline to the Centre to rollback diesel price hike, LPG subsidy cap and FDI in multi-brand retail expiring on Monday, the Trinamool Congress mounted fresh pressure with a Union minister belonging to it listing three options, including withdrawal of support to the United Progressive Alliance.
The storm over the issue of Foreign Direct Investment in retail refused to subside with the matter, along with quota in promotions for Scheduled Castes and Scheduled Tribes, paralysing proceedings in Parliament for the second day on Friday.
During the 10-months of this financial year, the highest FDI came in services ($1.80 billion), followed by pharmaceuticals ($1.26 billion), automobiles ($1 billion) and construction development ($966 million).
At a time when Bharatiya Janata Party and several other parties have also opposed FDI in retail, the Left leaders said they have appealed to all parties to support the motions in both Houses of Parliament.
The proposal was mooted by the department of industrial policy and promotion in the ministry of commerce and industry.
Tesco was the first global retailer to apply for multi- brand retailing in India.
"It is unprecedented. When Parliament is in session, a major decision was taken outside Parliament. It has never happened," Communist Party of India-Marxist leader Sitaram Yechury told reporters outside Parliament House.
India, at present allows 51 per cent FDI in single brand retail and 100 per cent in the cash-and-carry .
Spanner may have been thrown in the government works on foreign direct investment in multi-brand retail.
The final guidelines for raising the foreign direct investment ceiling in telecommunications to 74 per cent may be issued soon.
Ahead of the key vote by Hutchison Telecom shareholders on sale of Indian assets to Vodafone, the Hong Kong-based firm and its minority partners in Hutch-Essar have asserted that their investments met foreign direct investment norms
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
India received Rs 14232.42 crore (Rs 142.32 billion) worth of foreign direct investment in the first nine months of the current fiscal as opposed to Rs 12117.36 crore (Rs 121.17 billion) FDI received in the whole of 2003-04 fiscal.
The commerce and industry ministry has informed the Prime Minister's Office that the Bharti Group has conveyed to the government that its joint venture with Wal-Mart was in compliance with the existing FDI policy.
Government has issued a formal notification for raising foreign direct investment limit in public sector refineries to 49 per cent. The FDI would require prior approval of Foreign Investment Promotion Board. The condition of compulsory divestment of up to 26 per cent by foreign companies commencing trading and marketing of petroleum products has been deleted. Government had allowed 100% FDI in actual trading and marketing of petroleum products, with 26% divestment condition.
