It is mind-boggling to find our prime minister putting exports on the back-burner, says Jayanta Roy.
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.
It will provide a single-stop shop for all business licences and permits, eliminate the need for a physical interface with various regulatory authorities at the central, state and local government levels and provide all business-related information 24x7 on a single portal.
The much-delayed Foreign Trade Policy (FTP), which will roll out steps to boost exports, is expected to be unveiled soon.
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.
Prime Minister Narendra Modi made a pitch for electing a strong and stable government in an uncertain world beset by geopolitical tensions as the Bharatiya Janata Party on Sunday released its manifesto, prioritising development and welfare while shunning populist measures and contentious issues like the National Register of Citizens (NRC).
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.
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.
However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference.
Retailers can buy existing facilities if they spend $50 mn to create additional infra.
India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
American retail major Walmart has snapped ties with Indian partner Bharti but its plans to enter the country's multi-brand retail space appears intact.
Despite the robust growth in this country, Apple's India share in its overall global sales remained modest -- constituting 1.5 per cent of its overall turnover of $389 billion in FY23.
India, at present allows 51 per cent FDI in single brand retail and 100 per cent in the cash-and-carry .
Pilots' bodies at Tata Group-owned Air India have accused the airline management of making unilaterally "rapid" and "regressive" changes in the service conditions of pilots. In a letter to Air India Chief Human Resources Officer Suresh Dutt Tripathi on Tuesday, Indian Pilots Guild (IPG) and Indian Commercial Pilots Association (ICPA) also stated that "all unilateral violations of their rights and service agreements are creating industrial unrest and shattering employee confidence in the current management". The communication comes amid Air India reducing drastically the annual limit of privilege leave accumulation to 60 days from 300 days earlier, as per a source.
Modi said it is an outcome of India's consistent reforms trajectory that the country's position is getting credence globally and is being recognised by international bodies like the IMF, World Economic Forum and UNCTAD.
The Department of Industrial Policy and Promotion is closely working with the Reserve Bank of India, DIPP's joint secretary Gopal Krishna told reporters in New Delhi at a Confederation of Indian Industry function.
Foreign direct investment (FDI) in India declined by about 15 per cent to $12.6 billion (Rs 74,971 crore) during April-October this year, Parliament was informed on Wednesday.
The note recommends allowing FDI in domestic firms through the issue of partly-paid up shares and convertible warrants, but with certain riders.
Cap in single-brand retail likely to be 74%.
At present, a project with investment of more than Rs 600 crore in sectors routed through the Foreign Investment Promotion Board has to be referred to the Cabinet Committee on Economic Affairs.
Soft drinks and foods major Pepsico India Holdings Pvt Ltd has applied to the Foreign Investment Promotion Board to invest an additional $200 million (around Rs 950 crore) as equity in its Indian operations.
The industry ministry and the finance ministry are holding consultations on whether to bring the banking sector under the purview of new FDI (foreign direct investment) rules, which will categorise some Indian banks -- like ICICI Bank -- as foreign banks.
The Department of Industrial Policy and Promotion (DIPP), the nodal department that handles intellectual property rights (IPR) related matters under the commerce ministry, is launching an ambitious Rs 300-crore (Rs 3 billion) project to sensitise all stakeholders, including law enforcement agencies, scientists, companies, ministries and the general public on IPR issues.
Throughout 2022, China turned to the PLA as an increasingly capable instrument of Statecraft, strengthening its ability to 'fight and win wars' against a 'strong enemy', points out Ajai Shukla.
Tusk Investment, Mauritius, a wholly owned subsidiary of private equity firm Elephant Capital, has sought approval from the Foreign Investment Promotion Board (FIPB) to acquire a 30 per cent stake in Amar Chitra Katha Pvt Ltd (ACK).
As markets gain momentum, investors are again being lured into investing in ULIPs but they may face the heat in case markets fall.
On December 21, MHA promulgated a draft Arms and Ammunition Manufacturing Policy, which allows the Department of Industrial Policy & Promotion (Dipp) to issue licence to large private companies that are capable of producing advanced weapons, and invest over Rs 50 crore (Rs 500 million), to manufacture arms and ammunition to be "primarily supplied to the Central Paramilitary Forces, Defence and state governments on tendering basis".
The industry department had planned to get 10,000 price quotations from producers in order to have a new-look WPI, which incorporates a better snapshot of the economy. Out of this, 8,000 products are manufactured items. However, it now emerges that the DIPP may get price quotations from only 6,400 industrial units and factories.
The government is considering a proposal to allow 100 per cent foreign direct investment into the country's defence sector, despite stiff opposition from the defence ministry that has raised security concerns.
Govt recently relaxed sourcing norms for FDI in single brand retail.
The clearances are for three proposals submitted to the Foreign Investment Promotion Board by Bharti Telemedia, which offers direct-to-home television services, Tata Teleservices, in which Japan's DoCoMo has picked up 27.3 per cent equity, and SKR BPO Services, which has made downstream investments in Sparsh BPO. Press notes 2 and 4, issued in February this year, changed the way indirect foreign equity is treated while computing the total foreign investment.
With the shifting of the Foreign Investment Promotion Board to the finance ministry, the government has now reconstituted the board appointing Finance Secretary S Narayan as its chairperson.\n\n\n\n
The Central Bureau of Investigation (CBI) on Wednesday told a special court here that it received a sanction from the ICICI Bank's board to prosecute Chanda Kochhar, the former CEO and MD of the bank, in connection with a case of alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The probe agency, represented by special public prosecutor A Limosin, told the court that the board of ICICI Bank in a resolution passed on April 22 this year gave its sanction to the prosecution (against Kochhar), accepting that there seemed to be quid pro-quo.
The Department of Industrial Policy and Promotion (DIPP) has finally sanctioned the proposal of allowing foreign direct investment (FDI) from Pakistan. But the final notification will be issued by the Reserve Bank of India (RBI) within the next couple of weeks. The move will be unprecedented in the bilateral trading relations between both the nuclear-armed neighbours.
Foreign Direct Investment (FDI) as a source of funding has shrunk to a trickle for the once lucrative telecom sector with foreign investment inflows plunging to $43 million in the April-September period of the current fiscal.
Housing market in Mumbai Metropolitan Region recording worst half-yearly performance since global financial crisis in 2008 has worsened the situation for them
