The storm over the issue of Foreign Direct Investment in retail refused to subside with the matter, along with quota in promotions for Scheduled Castes and Scheduled Tribes, paralysing proceedings in Parliament for the second day on Friday.
Eighteen of 30 product categories proposed by Swedish furniture major struck off.
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.
India's gross domestic product growth has slumped to 6.5 per cent in 2011-12, the lowest in the last nine years.
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.
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.
Against the backdrop of charges against Congress chief Sonia Gandhi's son-in-law Robert Vadra and realty major DLF, the Janata Dal-United on Thursday said the key issue of Foreign Direct Investment in multi-brand retail should not be forgotten in the din over other issues and suspected that those involved in coal and 2G scams may be trying to divert attention.
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.
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.
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.
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.
Many bureaucrats have in the recent past switched sides to join companies.
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".
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.
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.
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.
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.
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.
Chidambaram was also hopeful that fiscal deficit will be contained within the targeted 5.3 per cent of the GDP this fiscal and trimmed to 4.8 per cent in the next.
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.
Offline retailers are feeling the Omicron January chill as consumers are apprehensive about venturing out in the midst of rising Covid cases across the country. Covid restrictions, as well as concerns over the new virus variant, are seeing shoppers pull back from the high streets and shopping malls, clearly cautious about streaming into stores and choosing to self-censor instead. Offline retailers' hopes of a bumper End-Of-Season Sale (EOSS) and Republic Day (R-Day) Sale to compensate for losses over the pandemic have been dashed. Fewer trips to malls mean lower footfall and sales, resulting in higher piling of stock - and possibly higher discounts.
A new law gives more teeth to the shareholder and empowers him to take legal action against a company for fraud.
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 Indian retail segment has its own uniqueness and the country is one of the most exciting markets globally that is poised to grow to over a trillion dollars by 2025, according to Walmart Inc President and CEO Doug McMillon. Speaking at the Converge@Walmart event, McMillon noted that given the diversity of the Indian market, the company has to "think local and execute locally". "India is such a diverse market, it's not one country in some ways and so we have to think local and execute locally, and it has its own rules, and so, we've got to comply with those rules," he said.
New policy to give greater flexibility to foreign players.
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.
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.
Committee of Secretaries has come up with a pointless set of guidelines.
It is a myth that FDI in retail will kill at local kirana stores.
Consultants expect the sector to grow 20-25% next calendar year.
The oil companies raised petrol prices by Rs 7.50 on Wednesday, a tough but unpopular decision which many see as a strong signal from the government that it's now stepping on the reform pedal.
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