FDI in single brand sent anger waves across counrty

Foreign Investment

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". Under the current policy, there is a limit of 49% FDI and for 100% foreign investment, the approval of the Government was required.

However, the Government has clarified that "FDI in Air India including that of foreign Airlines should not exceed 49% either directly or indirectly and substantial ownership and effective control of the national carrier will continue to remain in Indian national". It will lead to larger FDI inflows contributing to growth of investment, income and employment.

In a move that will give a boost to foreign retailers like Ikea, the government approved 100 per cent FDI under the automatic route for single brand retail trading. Currently, the policy provides for 49 per cent FDI under automatic route in power exchanges. It has now been made a decision to do away with this provision, thereby allowing FIIs/FPIs to invest in power exchanges through primary market as well, the release said. In the recent past, the Government has brought FDI policy reforms in a number of sectors viz. Defence, Construction Development, Insurance, Pension, Other Financial Services, Asset reconstruction Companies, Broadcasting, Civil Aviation, Pharmaceuticals, Trading etc. Congress communications in-charge Randeep Surjewala alleged that by doing away with the requirement of 30 per cent sourcing through Make in India, the Prime Minister has "exposed his duplicity and doublespeak" on the issue.

Since taking office in May 2014, Mr. Modi has eased foreign-investment rules.

However, the government has yet to liberalise norms for multi-brand retail to enable large worldwide retail chains to invest and bring latest technologies to India.

Government's decision of allowing 100 % FDI for single brand retail has received criticism from the BJP's ideological mentor RSS.



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