If you love India, you cannot weaponise religion to stay in power, asserts Ramesh Menon, author, Modi Demystified: The Making Of A Prime Minister.
The government on Wednesday permitted NRIs to invest up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier. "Today's decision on Air India is one milestone decision where NRIs... will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters at a briefing about the Union Cabinet's decision.
Gandhi had, on April 12, flagged the issue of alleged takeover of some Indian companies after those became vulnerable in the wake of the economic slowdown.
With the Indian Government mulling over whether to allow foreign direct investment in multi-brand retail sector, here is a look at world's top 10 retail giants.
The amendments to the six-and-half-decade law provides that stock holding limit on commodities will only be imposed under exceptional circumstances like national calamities, famine with a surge in prices, the minister said.
India received less foreign direct investment in 2010 than the previous year, courtesy a modest recovery in the global economy which reduced the risk and expansion appetite of corporates across the world.
Foreign Direct Investment (FDI) in the United States exceeding $1.7 trillion in the last one decade has created more than five million jobs in the US.
The drop was the result of the change in FDI rules, which was amplified by the border standoff between India and China.
WalMart International President and CEO Doug McMillon said in Davios that the Indian government's concerns over allowing foreign direct investment in multi-brand retail were misplaced.
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
Phantom FDI refers to investments that pass through shell companies that have no real business activities and are tailor-made to cut tax liabilities.
Maharashtra and the National Capital Region accounted for over 50 per cent of foreign direct investment inflows into the country during the first half of 2010-11, says the latest Industry Ministry data.
In February, 2010, India attracted foreign direct investment (FDI) worth $1.7 billion. During the 11-month period from April, 2010, to February, 2011, FDI inflows into India declined by 25 per cent to $18.3 billion, which makes it imperative for the country to fine-tune its policies to attract overseas investment.
It was primarily due to a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise import.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
China which recently emerged as the world's second largest economy has now become the fifth biggest global investor even as Foreign Direct Investment into the country is set to cross $100 billion this year.
The key sectors that received the maximum foreign investment during the nine months of the fiscal include services, computer software and hardware, telecommunications, chemicals, and the automobile industry.
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.
The department for promotion of industry and internal trade has rejected Walmart-backed Flipkart's proposal seeking approval for entry to the food retail sector, citing a regulatory issue, an official said on Monday. The government permits 100 per cent foreign direct investment in food retail for food produced and manufactured in India.
Prime Minister Narendra Modi on Monday slammed those calling agitating Sikh farmers names, saying it won't do the country any good as he went on to appeal to the protesting farmers to withdraw their over two-month-long stir and give the new agriculture reform laws a chance.
Key sectors that received maximum FDI include services, computer software and hardware, telecommunications, trading, chemicals, and automobile.
Union Minister Ravi Shankar Prasad on Tuesday said foreign investments and innovations are welcome but at the same time, the government is focussed on promoting Indian innovation as well as keen on the country's safety and security. Speaking at the India Mobile Congress 2020, the IT and Telecom Minister said that IT and communications sectors have registered over 7 per cent growth and received one of the highest Foreign Direct Investment (FDI) even during the challenging time of COVID-19.
All the items identified for procurement from domestic defence manufacturers are used in shipbuilding. So far, the defence ministry has notified 127 items where purchase preference is given to local suppliers.
Last November, a lawyer for Future Retail Limited (FRL) told Delhi high court that Amazon is interfering with its lawful business and thousands may lose their jobs and FRL may go bankrupt. Senior advocate Harish Salve, who appeared for FRL, likened Amazon to East India Company. Senior advocate Gopal Subramanium, who represented Amazon, told the Future counsel to keep the "East India Company" rhetoric aside, as Amazon has invested $6.5 billion all over India and created 900,000 jobs. This drama played out in the case in which Amazon has challenged Future's $3.4-billion deal with Reliance, alleging the retailer's deal breached an agreement with the American e-commerce firm.
FDI into the country increased by 30 per cent to $21.62 billion during April-September this fiscal.
The S&P BSE Sensex shed 54 points to close at 26,813.
In 2008, the textiles industry had attracted FDI worth Rs 869.6 crore (Rs 8.69 billion).
One of the papers could be on liberalising the foreign direct investment regime in the retail sector.
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.
Palo Alto-based electric carmaker Tesla has initiated talks with the government on the modalities of setting up fully-owned retail outlets. The company needs to comply with the foreign direct investment (FDI) guidelines related to single-brand retail, including local sourcing norms, to sell directly in India. At least two other foreign majors - Apple and Ikea - were engaged in talks with the government long before the sourcing norms were eased under the single-brand retail route.
Referring to visible indicators of green shoots, the finance minister said the forex reserve is at an all time high and the stock market is upbeat.
The India delegation flagged concerns over the possible implication of the Taliban's capture of power for the security situation in Jammu and Kashmir as there are apprehensions about spill-over of terrorist activities from Afghanistan to the union territory, the sources said.
The Group of Ministers on Foreign Direct Investment has recommended that the proposal to allow 100 per cent foreign direct investment in scientific magazines and journals be placed before the Cabinet, Rajya Sabha was informed on Monday.
The 10-nation regional block of Association of South East Asian Nation (ASEAN), and not China and India, is the leading destination of America's foreign direct investment, a top US trade official said Monday.
'Indian macro conditions have never been better, and many businesses will safely compound earnings over the next five years.'
India attracted an estimated $49 billion FDI in 2019, a 16 per cent increase from the $42 billion recorded in 2018.
The foreign direct investment in the country declined by 25 per cent to $2.04 billion in January compared to the same month last year, snapping a trend of positive growth in the previous three consecutive months.
"Farmers would like to remind the PM that it is 'andolans' that have liberated India from colonial rulers and that is why we are proud to be 'Andolan-jivi'."
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