Opposing Foreign Direct Investment in multi-brand retail, the Samajwadi Party on Tuesday said that the move is not in the interest of the country.
Foreign direct investment in India has seen unprecedented growth in the recent years. FDI's contribution in India's GDP too is on the rise.
FDI inflows into services sector grew by about 47 per cent to $2.64 billion in April-January last fiscal.
Maharashtra received the lion's share of the foreign direct investment inflows into India during April-August this fiscal, according to industry ministry's latest data.
Since allowing FDI in multi-brand retail has been left to the states, Indian companies may not benefit as foreign investors are wary of the politics.
After rising in September, Foreign Direct Investment (FDI) inflows in the country dipped by about 40 per cent to $1.4 billion in October over the same period last year.
Overall foreign inflows in the country rose by 27%.
Maharashtra topped the chart in terms of attractiveness at sub-national level in a weighted index calculated on the basis of individual ranking provided by participants of Ficci FDI Survey 2006.
The government wants to use the FDI victory impetus to clear the Companies Bill and those amending the banking and pension Acts.
A large number of states, including Congress-ruled Kerala, are opposing the decision on concerns that the entry of foreign retailers like Walmart would lead to displacement of the neighbourhood kirana stores.
India's plans to relax foreign direct investment (FDI) rules across a broad spectrum of industries have received the final approval from the Cabinet Committee of Economic Affairs (CCEA).
"Not a single step has been taken by this government to empower small businesses in India," says Praveen Khandelwal, national secretary general of the Confederation of All India Traders and former treasurer of the Bharatiya Janata Party's Delhi unit.
Amid a government scrutiny into the alleged breach of FDI norms by Hutchison Telecom International, the Hong Kong-based firm on Monday asserted its Indian mobile venture Hutch Essar Ltd (HEL) did not violate any regulations.
In June 2012, the country had received FDI worth $1.24 billion.
US diplomatic cables say Indian partners might be actually lobbying against raising the FDI cap.
In the first nine months of 2009, FDI dipped by 26 per cent to $21.4 billion from $29 billion a year ago. The total FDI inflow into India since 2001 crossed the $100 billion mark.
Bharatiya Janata Party on Thursday asserted that it would use all mediums of democratic protest to oppose the move to allow Foreign Direct Investment (FDI) in multi-brand retail, saying this would harm self-employed retailers.
Global sentiment has turned very positive for India
The Trinamool Congress is not happy with the government's move to put on hold its decision to allow Foreign Direct Investment in retail and insisted that FDI should be rolled back.
Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty.
According to the guidelines approved by the government, 100 per cent FDI can be utilised in facilities like cleaning up trains and installation of bio-toilets in passenger coaches and setting up of mechanised laundry services.
Commerce ministry had recently brought out a discussion paper that called for allowing 100 per cent FDI in the defence sector.
After defence, the Commerce and Industry ministry has started the exercise to relax foreign investment norms in the railways sector by permitting 100 per cent FDI in high-speed train systems and dedicated freight lines.
A letter reversing the decision was sent by Rajasthan Chief Minister Vasundhara Raje to Commerce and Industry Minister Anand Sharma.
It will be bad for the farmer and the consumer. It will be bad for the poor -- urban and rural. It will put a lot of people in the retail trade out of jobs. It will increase fuel use, says G V Dasarathi who is in charge of buying groceries in his family.
Delhi's Industry Secretary Amit Yadav told PTI that the city government has communicated its decision to the Department of Industrial Policy and Promotion of the government.
Foreign direct investment inflows into India rose an annual 12.9 percent in July to $1.66 billion.
Despite the uncertain economic environment globally, FDI in India surged 50 per cent to USD 20.76 billion from January-August, according to the industry ministry's latest data.
Foreign Direct Investment into the country declined by about 38 per cent, year-on-year, to $2.91 billion in September, according to the Department of Industrial Policy and Promotion.
A Department of Industrial Policy and Promotion fact sheet mentioned India's top 10 FDI generating countries.
Foreign direct investment in India dipped by about 47 per cent to $2.1 billion in May due to the global recession and the trend is likely to continue for some more months, a senior government official said on Monday.
A prime minister-appointed panel on inflation has pitched for opening FDI in multibrand retail in a 'properly regulated fashion', cautioning that the global corporations can also become monopolistic and hike prices.
A potential risk to the rupee's appreciation trajectory lies in the event of a delay in the Federal Reserve's rate cut cycle, particularly if core inflation in the US remains elevated.
The GAAR provision will apply to entities availing tax benefit of at least Rs 3 crore.
The Foreign Investment Promotion Board seems to have laid to rest the controversy surrounding FDI investments routed via Mauritius.
Overall, cumulative direct investment from China stood at just $2.05 billion till June 2018, according to consolidated DIPP figures
Even so, whenever a hitherto closed sector has been opened to FDI or the sectoral investment cap has been raised, the move has drawn strong protest. The latest instance is multi-brand retail.
China will open up service sectors such as education, finance and culture for FDI to remain an attractive destination for overseas investment.
The Union ministry of agriculture and the department of land resources under the ministry of rural development have given "in principle approval" to a proposal of the Department of Industrial Policy and Promotion (DIPP) to invite FDI for developing non-arable land through better technology into fertile and cultivable land.
Before leaving on a 10-day foreign visit starting Monday, Sharma said he would address concerns of foreign retail sector investors and ensure help in setting up stores.
