October 30, 2019
Govt was also considering a proposal to increase FDI
Govt was also considering a proposal to increase FDI limit in print media to 49
per cent from 26 per cent. FDI seeks foreign money into identified local
businesses. New Delhi: The government is weighing the option of permitting
overseas retailers to open stores for selling 'Made in India' products only as
it looks to relax the norms for multi-brand retail for attracting more funds and
generating more jobs.Sources said the government is considering permitting
foreign supermarket players to open retail stores but only for sale of 'Made in
India' products.
Although the current foreign direct investment policy permits
overseas players to hold 51 per cent stake in an Indian retail company, the BJP
in its election manifesto had opposed foreign investment in the retail
segment.So far, only one foreign player, Tesco, has received approval for
opening stores under the multi-brand retail policy. The previous UPA government
had cleared the proposal.The FDI policy also imposes several conditions for
foreign players like mandatory sourcing of goods from MSMEs and a certain
percentage of investment in the back-end infrastructure.These conditions have
acted as constraints for foreign retailers. However, if they would be allowed to
retail 'Made in India' goods in the country, these mandatory rules may not be
imposed on them, sources added.Opening the retail sector, the government last
year permitted 100 per cent FDI in domestic trading of food products. Processing
Minister Harsimrat Kaur Badal has recently indicated that the government is
actively considering a proposal to allow FDI in non-food items, along with food
products, under the multi-brand retail policy and a decision may be taken ahead
of the mega world food event here in November.
The move assume significance as
the government is also expected to announce relaxations in the FDI policy in
more sectors, including single brand retail.The easing of the policy will be on
the lines of the announcements made by Finance Minister Arun Jaitley in the
Budget for 2017-18.The government last year relaxed FDI norms in over a dozen
sectors, including defence, civil aviation, construction and development,
private security agencies, real estate and news broadcasting.The government is
also considering a proposal to increase FDI limit in print media to 49 per cent
from 26 per cent.
Besides, a proposal to allow 100 per cent FDI through
automatic route in single brand retail is also under consideration with a view
to attracting more global players.Foreign investments are considered crucial for
India, which needs around USD 1 trillion to overhaul its infrastructure such as
ports, airports and highways toboost growth.Foreign investments will help
improve the country's balance of payments situation and strengthen the value of
the rupee against global currencies, especially the US dollar. FDI inflows into
India firmed up by 22 per cent to USD 35.85 billion during April-December 2016.And he congratulated me for sticking to my views.Abdullakutty met the Prime
Minister and Union home minister Amit Shah in New Delhi on Monday..â€"Many
educated people from the community feel that Travel Vacuum Bag Manufacturers my
entry will help bridge vacuum between the party and the Muslim community. Both
welcomed me to the party and I will formally join the BJP within two
days.Abdullakutty met the Prime Minister and Union home minister Amit Shah in
New Delhi on Monday.
I also feel we have to shed unnecessary reservations and
fears vis-Ã -vis the BJP.The Congress threw him out earlier in June after he said
in a Facebook post that Prime Minister Modi won the Lok Sabha polls handsomely
for the second time because he inculcated "enough Gandhian values in
governanceâ€. (Photo: Facebook) Kerala: Former Congress lawmaker from Kerala’s
Kannur AP Abdullakutty said that he would formally join the BJP in a couple of
days, reported Hindustan Times.He was expelled from the party for praising Prime
Minister Narendra Modi for his party’s massive victory in the 2019 general
elections.
After the meeting, Abdullakutty said: "My meetings with both were
fruitful. He was expelled from the party for praising Prime Minister Narendra
Modi for his party’s massive victory in the 2019 general elections. I will work
hard to remove mutual distrust,†he said. We discussed many things including the
prevailing political situation in Kerala. The PM said I had to pay a heavy price
for speaking truth. I am sure my entry will help improve the community’s ties
with the party
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