Foreign direct investment into India is set to double and cross $11 billion this fiscal, Commerce Minister Kamal Nath said.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
BJP has strong reservations in allowing FDI in mult brand retail.
Foreign cigarette companies could soon find it harder to sell their products in India. The government is looking into a proposal to ban foreign direct investment (FDI) in the wholesale marketing arms of these companies. It is also exploring the possibility of shifting the import of tobacco products from the open general licence (OGL) to the restricted list.
Flaying the Centre's decision to allow Foreign Direct Investment in retail, Tamil Nadu Chief Minister Jayalalithaa on Sunday alleged it was taken under pressure from a few retail giants and asserted her government would not allow multi-brand global players to set up their markets in the state.
Global funds, according to Christopher Wood, global head of equity strategy at Jefferies, are now beginning to pay more attention to India with the market now offering 30 companies with a market capitalisation over $25 billion.
From real estate behemoths to infrastructure majors, from mobile device manufacturers to heavy engineering companies, they all made commitments to the tune of billions of dollars. Unfortunately, the reality has fallen far short.
In far reaching suggestions to purge the banking industry of bad loans, global consultant PwC said that the govt must allow 100% FDI and a minimum capital of Rs 5 crore for setting up an ARC.
The foreign investment proposal by Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd also got the government's approval, sources said.
'My understanding is that by the time President Xi Jinping came for the Chennai summit [2019], he had already instructed his army to undertake the action in Galwan in the summer of 2020.'
A DoT panel has suggested completely opening up the telecom sector to foreign direct investment, a move which is expected to bring in fresh funds into the industry that is facing a financial crisis.
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.
Most states have urged the Union consumer affairs ministry to set up a retail regulatory authority before opening up the sector for Foreign Direct Investment (FDI). These views form part of the report, prepared by the ministry after seeking the views of states.
During Abe's tenure, Japan had announced support for a number of major projects. These included the bullet train project between Mumbai and Ahmedabad, besides allocations for a freight corridor between Mumbai and New Delhi.
Do you, dear readers, believe that India needs FDI in retail sector or do you feel that it will be detrimental for the economy?
Trinamool Congress, which had earlier been ambiguous on the rule under which the debate on Foreign Direct Investment should take place, on Tuesday moved a motion in Rajya Sabha seeking discussion with voting. "This House disapproves the entry of FDI in multi-brand retail," read the motion moved by Trinamool members D Bandopadhyay and Vivek Gupta under Rule 168, which entails voting.
India is one of the largest military equipment importers in the world, at over $8 billion a year.
Finance Minister Jaswant Singh has cleared 38 foreign direct investment proposals worth Rs 121.46 crore (Rs 1,214.6 million), including those of the United States-based Nalco Chemicals and French company FCI.
FDI in retail would have a limited impact on small retailers, Chairman of PM's Economic Advisory Council C Rangarajan said.
Prime Minister Manmohan Singh on Friday justified the decisions on allowing FDI in multi-brand retail and some other areas, saying these were aimed at pushing economic growth and generating employment in "difficult times".
The government on Friday said it has started implementing liberal FDI rules under which proposals up to Rs 1,200 crore (Rs 12 billion) foreign equity would be cleared by the Finance Minister without seeking approval of the Cabinet Committee on Economic Affairs.
India received a record foreign direct investment of $3.75 billion (Rs 17,266.52 crore) during the calender year 2004, government said on Wednesday.
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The cap on FDI in retail has been totally removed, while the limit in insurance sector has been enhanced to 46 per cent.
Proposals of Principal Financial Group, South African Breweries, AB Electrolux and Caterpillar Inc were among the 52 foreign direct investment cases totalling Rs 321 crore (Rs 3.21 billion) approved by the government on Thursday.
Backing Centre's decision to allow foreign direct investment in multi-brand retail, Congress leader Rahul Gandhi has said the decision will help farmers prosper by removing middlemen from the supply chain and generate new jobs.
West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee will on Monday lead a party demonstration at the Jantar Mantar in New Delhi to urge the Congress-led United Progressive Alliance government to withdraw its decisions relating to FDI in multi-brand retail, cap on subsidised LPG and diesel price hike.
Most of the FDI proposals, cleared by Finance Minister Jaswant Singh pertained to companies in the pharma, tractors and auto sectors.
The outward Foreign Direct Investment flows from India, particularly in manufacturing and Information Technology services, have increased since late 1990s even though country's firms were investing abroad for many years, a new UN report has said.
The exports in 2022-2023 was $79 billion, compared to imports of $50 billion.
Prime Minister Manmohan Singh will address the nation on Friday night to explain the government's recent decisions on economic reforms, which have triggered widespread political protests across the country. The prime minister will address the nation at 8 pm on Doordarshan about the recent decisions on economic reforms, officials said.
The four-day logjam in Lok Sabha over foreign direct investment in retail ended Thursday with Speaker Meira Kumar allowing a discussion on the subject under a rule that entails voting.
The chief minister held that foreign investors would try to capture the retail sector that would subjugate the farmers and destroy local retailers and the common man would not benefit in any way.
Etihad and Qatar Airways have held informal talks with Kingfisher and SpiceJet to expand their footprints in India.
Banerjee said that traders would be hard hit by the Centre's decision on allowing FDI entry in retail.
The government has cleared the FDI in multi-brand retail.
With her latest masterstroke, Trinamool Congress chief Mamata Banerjee has made Congress lose its credibility in the eye of the aam admi, says Sheela Bhatt
Finance ministry officials are of the view that current restrictions that prohibit FDI in multi-brand retail cannot be extended to franchise agreements between an Indian company and an overseas partner.
He said policy could not be rigid, while declining to say by when FDI in multi-brand retail would be allowed.
