New Delhi: Having bitten the bullet on hiking fuel prices, the government is now looking at bringing reforms back on track. The government may bring Foreign Direct Investment (FDI) in multibrand retail and aviation soon. Commerce Minister Anand Sharma is likely to meet chief ministers of all states to address their concerns on multibrand retail. Some chief ministers believe FDI in retail will lead to losses for small traders. Both...
01:49 PM, May 24, 2012
New Delhi: The government on Thursday postponed a decision on retaining the Foreign Direct Investment (FDI) ceiling in insurance at 26 per cent as suggested by the Standing Committee on Finance. "The consideration of the item has been postponed because 26 per cent foreign investment is already permitted," Finance Minister Pranab Mukherjee told reporters after the meeting of the Union Cabinet. The Union Cabinet was expected to take a decision...
08:49 PM, May 10, 2012
New Delhi: The government plans to raise India's share in the global foreign direct investment (FDI) to 5 per cent by 2017 by streamlining policies for attracting investments. The Department of Industrial Policy and Promotion (DIPP) has set a goal "to increase FDI inflows to India by improving its global share from 1.3 per cent in 2007 to 5 per cent by 2017". A report of the DIPP said that...
11:52 AM, Apr 08, 2012
New Delhi: With India edging past China as the world's largest arms importer, an industry body has sought increase in Foreign Direct Investment (FDI) in the defence sector to 100 per cent from the existing 26 per cent to attract advance military technology to India and for curbing large-scale imports. India currently imports 70 per cent of its military equipment and system needs from abroad, with Russia, Israel and the...
11:25 AM, Mar 25, 2012
New Delhi: A Group of Ministers on Civil Aviation, headed by Union Finance Minister Pranab Mukherjee, is likely to meet on Thursday to decide on allowing foreign direct investment in the Aviation sector. On the agenda are issues like allowing foreign carriers to have a stake in domestic airlines and sales tax on jet fuel. On Tuesday, the GoM had decided to allow the airline companies to import jet fuel...
08:28 AM, Feb 09, 2012
New Delhi: India's beleaguered airline industry was thrown a potential lifeline on Tuesday when the Aviation Ministry said it would recommend that the government allow foreign airlines to buy stakes of up to 49 per cent in Indian carriers. India currently bars foreign airlines from buying into Indian airlines, although foreign investors are allowed to hold a cumulative 49 per cent. "The question was to allow other airlines to participate...
01:21 AM, Jan 18, 2012
New Delhi: India on Tuesday allowed 100 percent foreign equity in single brand retail, notifying the norms that, among other things, said all wholly owned international brands will need to source 30 percent of their requirements locally. The government justified the move, saying that foreign direct investment (FDI) in single brand will attract investments in production and marketing, improve the availability of such goods for the consumer and encourage sourcing...
07:41 PM, Jan 10, 2012
New Delhi: Finance Minister Pranab Mukherjee on Friday made it clear that the government has not shelved its plans of bringing Foreign Direct Investment (FDI) in retail. "We could not bring FDI in retail in this winter session, that does not mean that we have shelved it," Pranab said. After pressure from West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee, other allies and the Opposition, the government had...
12:40 PM, Dec 23, 2011
New Delhi: The government on Wednesday decided to hold back FDI in retail, following relentless pressure from the Opposition and some allies. While some debate still exists on whether the move has been suspended or rolled back, the government has said that no action will be taken without a consensus. Finance Minister Pranab Mukherjee is now slated be address a meeting of the Congress Parliamentary Party on Thursday morning. The...
09:40 AM, Dec 08, 2011
New Delhi: A major breakthrough has been achieved at the all-party meeting with regard to the deadlock over foreign direct investment (FDI) in retail on Wednesday. The government, after meeting its allies and opposition parties, agreed to suspend 51 per cent FDI in retail till a consensus is achieved among all parties. Speaking in the Lok Sabha on the decision, Union Finance Minister Pranab Mukherjee said that the consensus would...
10:09 AM, Dec 07, 2011
New Delhi: Ahead of Parliament reconvening on Wednesday, the Opposition slammed the government over Foreign Direct Investment (FDI) in retail. The Opposition has been unrelenting on the issue, demanding a roll back, saying that putting the issue on hold will not help. BJP leader Arun Jaitley alleged that the government's decision on FDI in retail was taken over pending demand from the European Union. He claimed that even UPA members...
04:25 PM, Dec 06, 2011
New Delhi: After Foreign Direct Investment in retail, the government has also put on hold the move for FDI by foreign airlines in Indian domestic carriers, according to sources. This is because the government does not want this to be seen as a bailout for a private airline. Earlier the department of Industrial policy and promotion had floated the draft cabinet note calling for 26 per cent FDI in domestic...
09:35 PM, Dec 05, 2011
New Delhi: The government is making all efforts to break the deadlock over Foreign Direct Investment (FDI) in multi-brand retail. After the Opposition's demands, the government has called an all-party meeting on the issue on Wednesday. Parliament will also reconvene after a short recess on Wednesday. On Monday, Finance Minister Pranab Mukherjee spoke to the Left and the BJP in an effort to break the deadlock. While Government is offering...
08:38 PM, Dec 05, 2011
New Delhi: The Bharatiya Janata party (BJP) on Monday clarified its stand saying its demand was to roll back the decision on retail FDI and not hold back. Senior party leader Yashwant Singh said that the government was now trying to build consensus while it should have consulted the allies and the opposition before taking the decision. He further pointed that the government took the decision when Parliament was in...
02:19 PM, Dec 05, 2011
Ahmedabad: Terming as wrong the statement by Union Commerce Minister Anand Sharma on Gujarat Chief Minister Narendra Modi supporting FDI in retail, the state Bharatiya Janata Party (BJP) unit on Friday said Modi had never supported it. "The statement of Anand Sharma that Modi government has supported FDI in retails is wrong. Chief minister Narendra Modi has made his view clear by his tweet on the subject that he is...
11:12 PM, Dec 02, 2011
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