Corporate America has urged India's Finance Minister to announce a bold Union Budget that would unleash the next generation of economic reforms and help the country realise its full growth potential.
Without issuing notice to the Centre, a bench of justices R M Lodha and A R Dave asked the petitioner to serve the copy of the petition to Attorney General G E Vahanvati or Solicitor General Rohinton Nariman saying it needs some necessary clarification on the issue.
Under fresh attack from Mamata Banerjee on FDI in multi-brand retail, Congress today advised her to "evolve from a street fighter to a statesman" pointing to 'divergence' in Trinamool Congress' stand.
Currently trading at the 53-level against the US dollar, the rupee has depreciated as much as 25 per cent in the last one year, amid sluggish economic trends.
If popular is white and populism black, then Mamata Banerjee is a curious shade of grey that may be hard to spot in the colour charts.
Slamming Prime Minister Manmohan Singh over the issue of allowing foreign direct investment in multi-brand retail, Bharatiya Janata Party leader L K Advani on Sunday said the red carpet was being rolled out for Walmart when it faced protests even in the US and New York City "shut Walmart out".
Economists at the Centre for Economic and Social Studies (CESS) here expect that the share of organised retail in India will not exceed 30 per cent of the total retail trade in the country even after allowing 51 per cent foreign direct investment in (FDI) in multi-brand retail.
Bhartiya Janata Party president Nitin Gadkari on Thursday claimed that the 'Bharat Bandh' to protest against diesel price hike, Foreign Direct Investment in multi-brand retail and cap on subsidised LPG was a great success and hoped the 'most corrupt' government since Independence has got the message and would roll back prices of diesel and not allow investments by the big international such as like Walmart to invest in India in the wholesale market.
E-commerce pilot for wholesale begins from July in Hyderbad and Lucknow
Supertech is just one among the many real estate players returning to commercial projects.
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.
In a joint statement, SP chief Mulayam Singh Yadav and others alleged that the UPA government has "stuck cruel blows on the people one after another" by raising diesel price, limiting subsidised cooking gas, opening up of multi-brand retail and disinvestment of PSUs.
India's gross domestic product growth has slumped to 6.5 per cent in 2011-12, the lowest in the last nine years.
A new law gives more teeth to the shareholder and empowers him to take legal action against a company for fraud.
India's exports are showing signs of improvement as the contraction in outbound shipments in June so far has come down to about 10-12 per cent as compared with 60 per cent in April, Commerce and Industry Minister Piyush Goyal said on Monday. Declining for the third straight month, In "Currently we are about 10-12 per cent down in June. So in a sense, we have reached up to 88-90 per cent of the level of exports that we had in June 2019 in the current month in the first two weeks. I am awaiting the data for third week (of June)," Goyal said at a CII function.
The Wal-Mart President said having travelled to India a number of times, he "really feels for the people of India because the people of India are missing on the opportunity right now because of the inefficiencies of the supply chain and so many of the challenges."
The company has been manufacturing personal computers, both desktops and laptops, netbooks and tablet PCs.
Proceedings in the Rajya Sabha were washed out for the fifth consecutive day on Thursday after uproar over issues of FDI in retail and quota for SCs/STs in promotions in government jobs.
A prolonged political stalemate does not also augur well for the government. It is caught between the devil and the deep sea -- unless its managers can somehow bring a rabbit out of the hat, in terms of the right numbers in a vote on FDI, says Neerja Chowdhury.
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.
In a bid to take on the government in Parliament on its decision to allow foreign direct investment in multi-brand retail, the Communist Party of India-Marxist on Wednesday said it has submitted notices in both the Houses seeking a discussion on the issue under rules entailing voting.
The government has decided to consult allies like the Trinamool Congress and the Dravida Munnetra Kazhagam before any resolution on extending the ambit of FDI to aviation by allowing foreign carriers to buy stakes in Indian ones.
It is a myth that FDI in retail will kill at local kirana stores.
Expressing commitment to push forward economic reforms, Finance Minister Pranab Mukherjee today said the government is making efforts to build a consensus on important economic legislations, including PFRDA and foreign investment in multi-brand retail.
Well aware that the government cannot control inflation through RBI's monetary tools only, the Centre tried to inbuilt a supply-augmenting mechanism in the economy by opening multi-brand retail to 51 per cent FDI, but vehement opposition from the Opposition and even some of the United Progressive Alliance allies forced it to hold back the decision.
The Bilateral Aviation Safety Agreement, the civil nuclear technology transfer, telecom infrastructure security and business jet landing rights are among other "policy accomplishments in 2011" listed on the US chamber's website.
Consultants expect the sector to grow 20-25% next calendar year.
Intriguingly, the agenda for the Cabinet meeting convened on Wednesday evening has not been circulated as the government wants to study the Opposition's mind before deciding how the Cabinet handles the FDI-in-retail decision it had taken on November 24.
With Trinamool Congress chief Mamata Bannerji refusing to budge from her stand against the UPA government's decision allowing 51 per cent FDI in retail, the Congress party's spin doctors are working overtime to project the decision favourably to the country. Sheela Bhatt reports
While protests are mounting against the government policy allowing foreign direct investment in multi-brand retail, the chain, founded by Bal Gangadhar Tilak and supported by the likes of Ratanji Jamshedji Tata, is in the midst of change. Besides foreign money, it is also keen on establishing a global presence.
"Foreign Direct Investment (FDI) will bring along backward integration and investment in farm to fork. States like Karnataka, Andhra Pradesh, Tamil Nadu will be able to move produce more efficiently across the country", Confederation of Indian Industry (Southern Region) Chairman T T Ashok said in a statement.
The recent Cabinet decision to allow 51 per cent foreign direct investment in the multi-brand retail sector in India has deeply divided the nation's political, social and trading classes.
The decision in respect of allowing FDI in multi-brand retail trade up to 51 per cent subject to compliance with specified conditions. Also, The finance minister mentioned in budget speech that the efforts are on to arrive at broad based consensus in consultation with state Governments.
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.
Petrol price may be cut by about Rs 1.60 per litre later this month as appreciation of rupee against the US dollar has helped state firms make profit on the fuel.
West Bengal Chief Minister Mamata Banerjee is trying to bluff people with her opposition to FDI in multi-brand retail, Left Front chairman Biman Bose said on Monday and questioned the purpose of her meeting with the United States secretary of state and the US ambassador to India.
Walmart's JV with Bharti hinges on policy clarity
The industry ministry has circulated a draft Cabinet note for allowing foreign direct investment in multi-brand retail, a move which will allay industry's concern over policy paralysis.
A CNN-IBN Urban India Ooinion Poll shows the recent economic reform move of the government has not gone down well with the urban India. The poll shows that while the price rise and corruption remain the major concerns for the urban India, there is also a massive anger over cap on LPG subsidy and diesel price hike among the people across the cities.
The company is a 50:50 joint venture between Bharti Group and US-based Walmart for wholesale cash and carry.
