They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
In its new avatar as the Department for Promotion of Industry and Internal Trade (DPIIT), it will directly be responsible for 'the welfare of traders and their employees'.
It is only for retail trading of goods that sourcing conditions are mandated. Such norms are not applicable to manufacturers as goods are produced in India, the government said.
Tesco, which has sought the government's permission to buy 50 per cent stake in Tatas-owned Trent Hypermarket Ltd, will have to invest atleast $55 million in creation of fresh back-end infrastructure.
Oppo's FDI application approved for single-brand retail trading
India has again emerged as the most bullish country in terms of hiring plans, with 25 per cent of the employers intending to recruit people in the next three months.
Earlier, this facility, known as the 'Presumptive Tax' was limited to construction, goods carriages and retail trade.
With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt. The contraction could be even higher if governments fail to provide income support and help boost consumer spending.
The chances of organised retail trade crossing the Rs 230,000 crore, as predicted by the Images India Retail Report look remote, says Pradipta Mukherjee.
Foreign direct investment (FDI) in India declined by about 15 per cent to $12.6 billion (Rs 74,971 crore) during April-October this year, Parliament was informed on Wednesday.
The United Progressive Alliance government had opened the multi-brand retail sector for foreign investment and allowed up to 51 per cent foreign direct investment in the sector.
FDI is a major driver of economic growth and a source of non-debt finance for the economic development of the country. The government has put in place an investor-friendly policy on FDI, under which investment up to 100 per cent is permitted on the automatic route in most sectors/ activities. At $ 64.37 billion, FDI in 2018-19 is the highest ever investment received for any financial year.
Left parties and BJP launched an attack on the government on Tuesday over its move to open up retail trading to foreign direct investment saying this would shrink employment opportunities.
A sense of urgency can be detected in the Congress-led UPA government's attempt to shift its policy stance with a series of initiatives aimed at reinforcing its image as a government for the common man.
IndianOil would get into retail trade in a big way this year, leveraging on its nation-wide network of petrol stations, as it seeks to make non-fuel business a driver of growth, company officials said on Monday.
Apple and Samsung are international players and should work as a team with domestic companies to transform India into a global powerhouse: IT Minister Ravi Shankar Prasad.
The CAIT has complained to the Commerce Ministry to take action against these companies.
The government is likely to exempt iPhone and iPad maker Apple from mandatory local sourcing rule, a move which would pave the way for tech giant opening single-brand retail stores in the country.
B Chandramouli and P Kumar were on Monday appointed the chief operating officer and head of business services, respectively, at YES Bank Ltd.
The RBI projection of 6.9 per cent GVA growth for the current fiscal comes on the back of the Economic Survey last week forecasting economic growth of 6.5 per cent.
'Curbs will again lead to the grey market developing, undoing all the work done over the last two-and-a-half years.'
Several consumer goods firms owning popular brands have come forward to launch "Brand Owners Forum" to promote shopping in huge malls being built across the country.
According to sources, there is a proposal to allow 100 per cent Foreign Direct Investment in single brand retail sector "through automatic route" with certain conditions.
The CPI on Friday said it was opposed to divestment and entry of foreign direct investment in certain sectors like retail trade, media, telecom and finance.
Growth numbers for the large players in the sector, though, improved during the quarter.
The CPI-M said it does not want to part of government "stock-taking."
German retailing major Metro Group launched its operations aimed at 'business customers' including small and medium-sized retailers amidst concerns by Bangalore Retailers Combine that it would use this as a backdoor entry into retail trading.
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