Insisting that the decision to introduce Foreign Direct Investment in retail requires vigorous Parliamentary sanction, the Trinamool Congress on Wednesday accused the government of indulging in 'hoodwinking tactics' to claim that there was need for it.
The new Insurance Bill will boost investment in the sector
Its revenue during the period grew by 65 per cent to touch Rs 9,458 crore (Rs 94.58 billion), as against Rs 5,718 crore (Rs 57.18 billion) during FY12.
Walmart is getting embroiled in one controversy after the other in India. Political parties in opposition are already rallying against FDI in retail. Can it still manage to launch its retail business successfully in the country?
Telecom operator Bharti Airtel Chairman Sunil Mittal on Wednesday said the telecom sector reforms approved by the Cabinet will ensure that the industry is able to invest fearlessly, and the company will respond to Prime Minister Narendra Modi's call to invest and accelerate the country's growth. Among a series of breathers for the stressed telecom sector, the Cabinet has approved the inclusion of revenues earned only from telecom services in the adjusted gross revenue (AGR), and the removal of penalty on dues to be paid to the government prospectively. Mittal congratulated and thanked the government for undertaking these seminal reforms to lift an industry that is at the core of his Digital India vision.
In its report tabled in Parliament, the national auditor said the Dassault Aviation and the MBDA proposed in September 2015 to discharge 30 per cent of their offset obligations by offering high technology to the Defence Research and Development Organisation (DRDO), but the two firms are yet to do it.
The cap of 25% on sales to group companies likely to be removed.
Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd's entire stake in two of India's leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. The group outbid Ultratech and JSW group to enter the cement industry and also emerge as the country's second-largest cement manufacturer, with 70 million tonnes of capacity annually.
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Amidst debate over control of Jet Airways post UAE's Etihad buying stake, the RBI on Thursday notified FDI guidelines defining control of a company, saying that a firm will be said to be controlled by non-residents if they have powers to appoint majority of the directors.
Government's decision comes in the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.
With cash shortage and plans going awry, the AirAsia owner is looking to cash out of the venture he built with Ratan Tata in 2013.
Global retail giant Walmart is expected to soon firm up its plan to foray into India's multi-brand sector.
Clarifying norms for single brand retail trading, government on Tuesday allowed foreign investors to conduct business through more than one joint venture in India.
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Government seeks stakeholders' comments by Jan 30 on discussion paper.
The session started on January 29 and was originally slated to end on April 8 but several members had urged Speaker Om Birla to end the session earlier as they focus on electioneering for the five assemblies.
Walmart had entered into a joint venture with Bharti Enterprises.
USISPF slammed government's move and alleged that the amendments announced were without any consultation and are akin to changing rules in the middle of the game.
In his first two years, Tyagi, a Himachal Pradesh cadre IAS officer, has implemented challenging stock market reforms and taken action against high-profile corporate entities.
Mauritius has rejected compensation of Rs 500 crore to plug loopholes in double taxation avoidance treaty. Mauritius accounts for nearly half of all foreign direct investment (FDI) inflows to India. With the tightening of tax laws, India attempted to amend the treaty. Due to the treaty, India was suffering over Rs 4,000 crore loss annually for some years in terms of revenue foregone on account of the capital gains exemption for investors routing their funds through Mauritius.
'Air India's privatisation is acceptable as long as its control does not pass on to a foreign entity,' says A K Bhattacharya.
Civil Aviation Secretary R N Choubey said on Friday there would be no compulsion on airlines.
'If credit is not available, people will postpone buying. That's what has happened.'
Still, the earliest India will get to experience Apple online will be early 2020 and the company's first fully-owned signature store should be up around 2022 -- almost two decades after it had opened its first store worldwide, writes Nivedita Mookerji.
The new online store, which will be launched on September 23, will provide customers with the same premium experience found in Apple Store locations around the world, delivered by online team members who are ready to offer their expertise, Apple said in a statement.
The new Insurance Bill may take little time to see light of teh day.
The Indian government has simplified FDI policy inorder to attract global retail chains.
Liberalising regulations on satcom technology could attract billions of dollars in foreign investment.
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Retail giant Tesco's entry into Indian market has hit a regulatory roadblock.
Govt keen to revive business sentiment in india.
According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on October 6.
US retail major is in talks with Flipkart, Snapdeal, ShopClues and Grofers for partnership.
Carrefour had in July announced it was exiting the India market
'The trading community will be a priority for Modi when he forms the next government.'
As a consensus remains elusive on key economic policies like foreign investment norms, industry leader Deepak Parekh has said India's FDI policy is akin to 'inviting guests over to our house, but not opening the door'.
All mankind looks for good news on a daily basis. It is only a natural human desire. Corporate managements, government spokespersons, political loyalists, merchants and salespersons, all work overtime to create good news. And governments, too, keep trying this with inane pronouncements all the time, says Raj Liberhan.
Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
Sellers, especially the smaller ones, are planning to go to court as well as move CCI as they fear that Walmart could bring multiple private labels in India and flood the e-commerce platform with its own products.
