Government's decision of allowing 100 % FDI for single brand retail has received criticism from the BJP's ideological mentor RSS. These are meant to liberalise and simplify the FDI policy so as to provide ease of doing business in the country. In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment.
The easing of rules for Air India would allow foreign airlines to buy a minority stake in a carrier with a fleet of about 150 planes, and landing and parking slots at lucrative airports from London to NY.
CITU general secretary Tapan Sen said the airline's privatisation would give foreign entities control over the national carrier, which is a public sector company with a huge asset base and a high-revenue earning global service network.
Air India had a total debt of about Rs 48,877 crore at the end of March 2017, of which about Rs 17,360 crore was aircraft loan and Rs 31,517 crore was working capital debt.
He has said that the government is taking the plea of huge loss Air India is being burdened with to justify its move, but the Centre is seeking to hide the fact that the carrier has been pushed to this situation not because of its management's failure but owing to "imposition of disastrous decisions on the company by successive governments at the Centre". The cabinet also allowed foreign institutional and portfolio investors to invest in power exchanges and relaxed FDI policy for medical devices and audit firms associated with companies receiving overseas funds. The message seems to be that this government will push ahead with progressive economic policies. Commenting on this strategic move by the government, commerce minister Suresh Prabhu said that this Liberalization move was to gather more investments, and develop the economy of India. The change in FDI-in-retail policy isn't as contentious, but it is a fearless move because the RSS has always been opposed to it and the BJP's traditional voter base includes a lot of traders and retailers.
"This would go against the interests of the domestic manufacturing and also would discourage the future investment in manufacturing in India and therefore would go against the own declared policy of the government of encouraging "Make in India", said Ashwani Mahajan, national co-convener, SJM.
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Earlier approval was needed for pre-incorporation and expenses.
The government on Wednesday allowed 100 per cent foreign direct investment (FDI) in single-brand retail via automatic route and eased a rule on 30 per cent mandatory local sourcing of products for five financial years after opening the first Indian store.
Cases under the government approval route, also requiring security clearance with respect to countries of concern, will continue to be processed by concerned administrative department or ministry.
"Measures undertaken by the government have resulted in increased FDI inflows in to the country". During the year 2014-15, total FDI inflows received were USA $ 45.15 billion as against United States $ 36.05 billion in 2013-14.
This is unedited, unformatted feed from the Press Trust of India wire.