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.
Annual direct investment by developing countries into other rising economies has grown faster than that by developed countries in the past 15 years, the UN Conference on Trade and Development has reported.
China has approved 8,152 new foreign-invested companies over the past four months, a rise of 8.61 per cent year-on-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.
Brand name rule might be waived for Swedish major's mega investment proposal, indicates DIPP; final revision of its application likely by end-August.
The aviation minister, Ajit Singh, on Tata-Air Asia joint venture
Tech giant allowed to set up fully owned shops, with 30% local sourcing like everyone else.
The decision to allow 51 per cent foreign direct investments in multi-brand retail has been put on hold by the government following strong objections from the Opposition and key United Progressive Alliance allies Trinamool Congress and Dravida Munnetra Kazhagam.
Regardless of the merits and demerits of foreign direct investment in retail, the fact is that a tie-up between organised retailers and farmers benefits both, as also consumers of farm goods, writes Surinder Sud.
Only recently had UP chief minister and Bahujan Samaj Party supremo Mayawati expressed reservation against the Congress-led government's proposed FDI-in-retail policy.
A separate clearance will now be required from the finance ministry's revenue department, according to an official clarification issued earlier this week. The clarification assumes importance in the backdrop of increasing cases where FDI proposals have been opposed by the revenue department due to concerns over revenue losses.
International investors are encouraged by the Indian government's recent economic policy announcements, including that on opening the retail sector to foreign direct investment (FDI). However, they would track how these measures were implemented, said speakers at the annual India Investment Forum in New York.
Commerce and Industry Minister Anand Sharma along with officials from his ministry were in the Nordic country for a two-day visit. They were accompanied by Indian industrialists led by the Confederation of Indian Industry.
India's foreign direct investment is expected to rise substantially from this month with the Reserve Bank of India incorporating many new components in the FDI basket in line with international practices.
The US Fed interest rate decision, domestic inflation data and global trends would be key driving factors in dictating movement in the market this week, as the Lok Sabha elections outcome and the RBI policy decision are behind us, analysts said. The past week was a roller-coaster ride for investors as markets swung sharply in both directions before closing with strong gains.
UK flag carrier British Airways plans to tie up with an Indian domestic carrier in a franchise partnership.
Reserve Bank Governor Shaktikanta Das on Friday said 67 per cent of the decline in the foreign exchange reserves since April was due to valuation changes arising from strengthening US dollar and higher American bond yields. The forex reserves, which stood at $606.475 billion as on April 2, have declined to $537.5 billion as on September 23. It was also the eighth straight week when the reserves declined.
Anand Sharma said the Rs 2,060-crore Jet-Etihad deal falls in line with new 'control' definition.
A committee of secretaries will be meeting soon to consider a draft proposal, which suggests that decision-making on all policy issues pertaining to FDI be transferred from the Department of Industrial Policy & Promotion (DIPP) in the Ministry of Commerce to the Department of Economic Affairs (DEA) in the Ministry of Finance.
Eighteen of 30 product categories proposed by Swedish furniture major struck off.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
India's economy is moving towards a higher growth trajectory and is likely to grow at around 10 per cent in 2021-22, Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy said on Wednesday. "I am confident that we are on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India. "I think it is, more or less, agreed that the real rate of growth this year (FY2022) is going to be around 10 per cent," Debroy said at an SBI event. At the beginning of FY2021-22, the forecasts for real growth were in the 8.5-12.5 per cent range, he noted.
Reserve Bank Governor Shaktikanta Das on Wednesday said in the wake of appreciating US dollar, the movement of rupee has remained least disruptive as compared to its peers, and the size of foreign exchange reserve is comfortable. On a financial year basis (from April to October 2022), the rupee has appreciated by 3.2 per cent in real terms, even as several major currencies have depreciated, he said while announcing the latest set of bi-monthly monetary policy. "The story of the rupee has been one of India's resilience and stability," the Governor said while pointing out that the appreciation of the US dollar this year, which precipitated large-scale depreciation of all major global currencies including the Indian rupee, has drawn wide attention.
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.
Industry experts say that the government needs to further relax FDI norms to attract investors to the sector.
Country's largest realty firm DLF, which has tied up with Dubai-based developer Limitless for developing Rs 60,000-crore (Rs 600 billion) township in Bangalore, has sought government approval for bringing in foreign direct investments worth $ 150 million. Official sources said the issue would be taken by the Foreign Investment Promotion Board (FIPB) on Friday, adding it is likely to get approval. The foreign investment proposal would be given the final clearance by the FM.
Etihad and Qatar Airways have held informal talks with Kingfisher and SpiceJet to expand their footprints in India.
At the same time, Indian companies with a majority foreign shareholding could find it difficult to make 'downstream' investments since the new guidelines do not distinguish between different forms of capital and treats them as FDI. So, a company with high non-FDI foreign capital was considered an Indian entity. Now, they will be considered foreign-owned and their downstream investments will have to follow sectoral restrictions.
It also plans to open 5 new centres across India in addition to its two fulfilment centres (FCs) in Mumbai and Bangalore.
He said with an aim to make the FDI policy user friendly, all prior regulations and guidelines have been consolidated into a comprehensive document.
The campaign will be launched in global as well as domestic markets across the media.
Mamata Banerjee, Chief minister of West Bengal and an important ally of the UPA government has given go-ahead to the Foreign Direct Investment in the aviation sector, according to a source in her government in Kolkata.
Gold, forex assets, IT sector, pharma. Devangshu Datta explains why each of these is a good hedge against market shocks at this time.
India currently allows up to 100 per cent FDI in this sector, but the health ministry has moved a draft note for the cabinet to ban foreign investment in this sector
Under the present dispensation, a foreign player who entered India before January 12, 2005 has to take government approval and 'demonstrate' that fresh investment in the same field would not affect interest of his domestic joint venture partner.
Tasting success with the relaunch of Sensex derivatives in the onshore market, BSE is preparing for the 'offshore' debut of its 30-share index, which has become synonymous with the domestic markets. Sources in the know said that the India International Exchange (India INX), a subsidiary of BSE, received approval in July from the International Financial Services Centres Authority (IFSCA) to launch Sensex 30 derivatives contracts.
Foreign investment in news channels includes FDI, FII, External Commercial Borrowings and investment by NRIs.
Foreign direct investment (FDI) inflows into India rose 54.8 per cent in November to $1.64 billion compared with $1.06 billion a year ago, a government statement
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances