The government on Wednesday cleared 21 foreign direct investment proposals worth Rs 18.46 crore.
India's current account deficit narrowed to $1.3 billion or 0.2 per cent of GDP in the January-March quarter of FY23, mainly due to moderation in the trade deficit and a robust increase in services exports, RBI data showed on Tuesday. However, for the 2022-23 fiscal, the current account balance recorded a deficit of 2 per cent of GDP compared to 1.2 per cent in 2021-22. "India's current account deficit (CAD) decreased to $1.3 billion (0.2 per cent of GDP) in Q4:2022-23 from $16.8 billion (2.0 per cent of GDP) in Q3:2022-231, and $13.4 billion (1.6 per cent of GDP) a year ago [Q4:2021-22]," as per the RBI's 'Developments in India's Balance of Payments during the Fourth Quarter (January-March) of 2022-23'.
Admitting that infrastructural bottlenecks were deterring foreign investment, the finance ministry on Wednesday said FDI inflow declined by 24 per cent to $4.66 billion last fiscal.
US-based Walmart and UK-based Tesco have sought clarifications from the Department of Industrial Policy and Promotion on whether they could set up warehouses in states which are against the Centre's retail FDI policy.
India may allow selective foreign direct investment from Pakistan, if the political situation in the neighbouring country improves. At the moment, both the countries do not allow FDI flows between each other.
Foreign direct investment into India is set to double and cross $11 billion this fiscal, Commerce Minister Kamal Nath said.
Foreign cigarette companies could soon find it harder to sell their products in India. The government is looking into a proposal to ban foreign direct investment (FDI) in the wholesale marketing arms of these companies. It is also exploring the possibility of shifting the import of tobacco products from the open general licence (OGL) to the restricted list.
The United Progressive Alliance government won the vote on Foreign Direct Investment in multi-brand retail not by "floor management but by fund management", alleged Bharatiya Janata Party national spokesperson Muktar Abbas Naqvi on Saturday.
Strongly defending its decision to allow FDI in retail, Finance Minister Pranab Mukherjee on Thursday told Congress Members of Parliament that the government was "compelled" to suspend the move to avoid "pre-mature elections". Addressing the Congress Parliamentary Party, Mukherjee also apologised to members who had supported the government in allowing FDI in retail but said going ahead with the decision could have created a "crisis" for the government.
In far reaching suggestions to purge the banking industry of bad loans, global consultant PwC said that the govt must allow 100% FDI and a minimum capital of Rs 5 crore for setting up an ARC.
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.
BJP has strong reservations in allowing FDI in mult brand retail.
The Cabinet approval would help more than 200 fashion and apparel brands who are lined up to enter India, including international labels such as Avva, Colin's, Damat, Tudba Deri and Dufy
This FDI includes equity, re-invested earnings and other capital.
'After 2011-2012, both our investment rate and savings savings rate have declined. 'Correspondingly, the savings rate in the economy as percentage of GDP, also has come down.'
Finance Minister Jaswant Singh has cleared 38 foreign direct investment proposals worth Rs 121.46 crore (Rs 1,214.6 million), including those of the United States-based Nalco Chemicals and French company FCI.
The foreign investment proposal by Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd also got the government's approval, sources said.
Most states have urged the Union consumer affairs ministry to set up a retail regulatory authority before opening up the sector for Foreign Direct Investment (FDI). These views form part of the report, prepared by the ministry after seeking the views of states.
A DoT panel has suggested completely opening up the telecom sector to foreign direct investment, a move which is expected to bring in fresh funds into the industry that is facing a financial crisis.
Do you, dear readers, believe that India needs FDI in retail sector or do you feel that it will be detrimental for the economy?
India received a record foreign direct investment of $3.75 billion (Rs 17,266.52 crore) during the calender year 2004, government said on Wednesday.
Trinamool Congress, which had earlier been ambiguous on the rule under which the debate on Foreign Direct Investment should take place, on Tuesday moved a motion in Rajya Sabha seeking discussion with voting. "This House disapproves the entry of FDI in multi-brand retail," read the motion moved by Trinamool members D Bandopadhyay and Vivek Gupta under Rule 168, which entails voting.
Prime Minister Manmohan Singh on Friday justified the decisions on allowing FDI in multi-brand retail and some other areas, saying these were aimed at pushing economic growth and generating employment in "difficult times".
FDI in retail would have a limited impact on small retailers, Chairman of PM's Economic Advisory Council C Rangarajan said.
India is one of the largest military equipment importers in the world, at over $8 billion a year.
The CBI registered an FIR against NewsClick and its founder Prabir Purkayastha for alleged violation of the Foreign Contribution (Regulation) Act and carried out searches at the office and residence of the portal's founder on Wednesday, officials said.
The government on Friday said it has started implementing liberal FDI rules under which proposals up to Rs 1,200 crore (Rs 12 billion) foreign equity would be cleared by the Finance Minister without seeking approval of the Cabinet Committee on Economic Affairs.
Proposals of Principal Financial Group, South African Breweries, AB Electrolux and Caterpillar Inc were among the 52 foreign direct investment cases totalling Rs 321 crore (Rs 3.21 billion) approved by the government on Thursday.
Most of the FDI proposals, cleared by Finance Minister Jaswant Singh pertained to companies in the pharma, tractors and auto sectors.
The outward Foreign Direct Investment flows from India, particularly in manufacturing and Information Technology services, have increased since late 1990s even though country's firms were investing abroad for many years, a new UN report has said.
From real estate behemoths to infrastructure majors, from mobile device manufacturers to heavy engineering companies, they all made commitments to the tune of billions of dollars. Unfortunately, the reality has fallen far short.
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The cap on FDI in retail has been totally removed, while the limit in insurance sector has been enhanced to 46 per cent.
Backing Centre's decision to allow foreign direct investment in multi-brand retail, Congress leader Rahul Gandhi has said the decision will help farmers prosper by removing middlemen from the supply chain and generate new jobs.
West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee will on Monday lead a party demonstration at the Jantar Mantar in New Delhi to urge the Congress-led United Progressive Alliance government to withdraw its decisions relating to FDI in multi-brand retail, cap on subsidised LPG and diesel price hike.
Prime Minister Manmohan Singh will address the nation on Friday night to explain the government's recent decisions on economic reforms, which have triggered widespread political protests across the country. The prime minister will address the nation at 8 pm on Doordarshan about the recent decisions on economic reforms, officials said.
The four-day logjam in Lok Sabha over foreign direct investment in retail ended Thursday with Speaker Meira Kumar allowing a discussion on the subject under a rule that entails voting.
Neither the BJP, nor the Congress before it, made any manifesto commitments on defence spending, even though allocations have plummeted from 4 per cent of gross domestic product (GDP) in the late 1980s to less than 2 per cent today, points out Ajai Shukla.
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.
