Come Fly With Us, India Tells Foreign Investors

Come Fly With Us, India Tells Foreign Investors

The decisions taken by the Union Cabinet come ahead of Prime Minister Narendra Modi's visit to the World Economic Forum (WEF) meeting in Davos where he will hold discussions with CEOs of top multinational companies on the investment opportunities being thrown open in India.

"By permitting FDI up to 100 per cent under automatic route in single brand retail trading, the government has eliminated the time lag for foreign investor to set up a single brand retail operations in India", said Dev Raj Singh, Executive Director, Tax & Economic Policy Group, EY India.

The cabinet also allowed foreign airlines to invest up to 49 per cent in the debt-ridden national carrier, Air India, subject to government's approval.

Swadeshi Jagran Manch has said that easing the norms for FDI in SBRT would go against the best interest of the country.

Opening up of FDI for real estate brokers will surely help the sector in India. Foreign airlines are already allowed to own up to 49% of private airlines in India but were restricted from investing in the state-run carrier, which.

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Even while acknowledging that changes in FDI policy should not be equated with big reforms - that description should be reserved for such changes as fundamentally reshaping agricultural or labour markets - this criticism is a tad unfair.

Overseas investment policy has also been liberalised in case of power exchanges, an online platform where electricity is traded. It is therefore, eligible for 100 per cent FDI under the automatic route.

"It has been made a decision to permit single brand retail trading entity to set off its incremental sourcing of goods from India for global operations during initial five years, beginning April 1 of the year of the opening of first store against the mandatory sourcing requirement of 30% of purchases from India", the statement said. "It is a progressive step towards attracting foreign investment and ease of doing business in India".

It is obvious that it is the slowing of the economy, post-demonetisation, that has prompted the government to accelerate the process of divestment and liberalise FDI norms on a large scale. It remains an unfinished agenda for the government.

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