The Reserve Bank of India is planning to allow retail trading in government securities on the stock exchanges to widen the market.
The government on Thursday clarified that the multi-brand retail store set up by a global retail entity will have to be 'company owned and company operated' and not operated by any franchisee.
The film shows the plight of petty shops as organised the impending FDI in retail take over.
Attacking the government for its "hurried" decision allowing FDI in multi-brand retail, BJP today alleged said that despite strong objections from the Opposition it has been done under foreign elements' pressure and will affect the livelihood of Indians in retail trade.
Chennai's Koyambedu market for vegetables, fruits and flowers, one of the largest in the country that used to teem with thousands of people every day, has emerged as the latest hotspot for COVID-19 cases in Tamil Nadu. The development has prompted authorities to shift the market -- spread over 295 acres with over 3,000 outlets of which only about 200 of them are presently functional -- to suburban Tirumazhisai from Thursday.
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.
The government has gone ahead with the move 'notwithstanding the widespread opposition' to FDI in multi-brand retail trade, the party said, adding it would wage struggles "to get this anti-national decision rescinded'.
The US Bureau of Labour Statistics said among the major worker groups, the unemployment rate for blacks increased to 14.3 per cent in October.
Government said consultations are on to arrive at consensus on allowing FDI.
In the aviation sector, 100 per cent FDI is allowed under automatic route for MRO (maintenance, repair, overhaul), ground handling, and aircraft purchase.
Formation of the Rangarajan panel comes after Reddy proposed that the revision issue be placed before the empowered Group of Ministers.
The order follows a complaint filed by Delhi Vyapar Mahasangh which accused the e-commerce firms of anti-competitive practices like preferential listing, exclusive tie-ups and private labels.
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.
As per the survey, the trade sector that comprises wholesale and retail grew by 4.8 per cent to Rs 14.79 lakh crore (Rs 14.79 trillion) in 2012-13, accounted for 15.8 per cent share in the gross domestic product.
Government has been trying to get rid of the impression that it is caught in "policy paralysis".
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.
Is she, like the AIADMK's Jayalalithaa with the Vajpayee government in 1998, playing bully to a government that she knows cannot survive without her Parliamentary support? Or is there a greater scheme behind her erratic actions? Discussing the mercurial Mamata Banerjee on the Rediff Chat is Senior Editor Indrani Roy, a long-time watcher of Bengal and Mamata politics.
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.
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.
From anti-profiteering to affixing stickers on existing stocks, FMCG companies are bracing for new set of GST challenges
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.
Information and Broadcasting minister Ambika Soni spoke to rediff.com's Sheela Bhatt briefly on the current logjam in Parliament over the government's decision allowing 51 per cent foreign direct investment in multi-brand retail trade.
In what will be a historic decision, the Union Cabinet is likely to clear a policy paper that seeks to allow 51 per cent FDI in multi-brand retail trading and 100 per cent FDI in single-brand retail on Thursday.
In what will be a historic decision, the Union Cabinet is likely to clear a policy paper that seeks to allow 51 per cent FDI in multi-brand retail trading and 100 per cent FDI in single-brand retail on Thursday.
According to the ManpowerGroup Employment Outlook survey released on Tuesday, that covered 5,131 employers across India, a net 19 per cent of employers are anticipating an actual rise in their staffing numbers, while 52 per cent expect no change and 28 per cent are not sure about adding to their existing staff strength.
The talks between S M Krishna and Hillary Clinton covered important bilateral issues like Afghanistan, nuclear waiver, defence purchases, terrorism, cyber security and US demands for market access, particularly in insurance and retail trading. Sheela Bhatt reports.
Paving way for iPhone maker Apple to open its own stores India, the government on Monday relaxed FDI norms by giving a three-year exemption from local sourcing to foreign players in single-brand retail and a further five-year relaxation for 'state-of-art' and 'cutting-edge' technology.
The US unemployment rate in June has remained unchanged at 7.6 per cent as more than 195,000 jobs were added to the economy this month, latest official figures said.
The time for allowing FDI in retail sector in India has not yet come. Such a move may end up hurting domestic interests, says Arun Jaitley.
Cautioning that there will be social and psychological consequences for the rest of the country too, Guha said the migrant tragedy could have been averted or at least minimised if Prime Minister Narendra Modi had given them a week's notice to return home before the lockdown kicked in.
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
Cap in single-brand retail likely to be 74%.
In a joint memorandum of central trade unions in the pre-Budget consultation with the finance minister, the unions have also sought that big corporates and multi-nationals should not be allowed to enter retail trade and banking operations.
While the Left will listen to what Barack Obama has to say in Parliament, he should also listen to their concerns, says CPI-M leader Sitaram Yechury.
Beleaguered discount chain Vishal Retail on Monday said it would sell its retail trading business to Chennai-based Shriram Group, and the wholesale division to the private equity firm TPG, for a combined value of Rs 100 crore (Rs 1 billion).
Consumers have reduced their purchase basket and are clamouring for discounts. It's not a seller's market, finds out an IMRB retail trade confidence survey.
The decision would help provide ease of doing business and also lead to larger FDI inflows contributing to growth of investment, income and employment.
Goyal wondered why an e-commerce market place model, where a firm provides an IT platform for buyers and sellers, was incurring such huge losses adding that it needs to be looked into.
The National Policy on Urban Street Vendors, 2009, approved by the UPA government, recognises street vendors (or micro-entrepreneurs) as an integral and legitimate part of the urban retail trade and distribution system.
The world's biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
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