New Delhi: A government panel on Tuesday proposed raising foreign investment limits in sectors like defence, multi-brand retail and telecommunications, to spur investment in the country and tide over the Current Account Deficit woes. "We have submitted the report to the Finance Minister. Action will be taken on it as and when the government decides. Policy is with DIPP so finally they will take a call. This is just our recommendation," Economic Affairs Secretary Arvind Mayaram told reporters in Delhi.
The committee, which was set up by Finance Minister P Chidambaram to review the sectoral caps, has suggested that the Foreign Direct Investment (FDI) ceiling in the defence sector be raised to 49 per cent under the government approval route from 26 per cent at present. In order to make multi-brand retail more attractive to foreign investors, the panel suggested that the FDI limit be raised to 74 per cent under the Foreign Investment Promotion Board (FIPB) route from 51 per cent. In case of single-brand retail, it suggested easing of the norms by advocating 49 per cent investment under the automatic route.
Currently, the government allows 100 per cent FDI under the approval route. Similarly in case of pharmaceuticals sector, the committee recommended 49 per cent under automatic route as against 100 per cent under the government approval route. As regards the telecom sector, the Mayaram panel said that 100 per cent FDI be allowed under the FIPB route as against 74 per
12:08 AM, Jun 19, 2013
New Delhi: Government on Friday allowed Norwegian telecom firm Telenor to increase stake in its Indian arm from 49 per cent to 74 per cent at an estimated equity infusion of around Rs 934 crore. "Telenor proposal has been approved," Economic Affairs Secretary Arvind Mayaram said after the meeting of Foreign Investment Promotion Board (FIPB). Industry sources said Telenor's proposal involve investment of Rs 934 crore to raise stake by...
09:38 PM, Jun 14, 2013
New Delhi: The Foreign Investment Promotion Board (FIPB) has deferred a decision on Gulf carrier Etihad Airways' planned 24 per cent stake buy in Jet Airways, the country's economic affairs secretary said on Friday. The board has sought more details on "effective control" and ownership, Arvind Mayaram said. After the FIPB, which clears foreign direct investment proposals, the deal will also need approval from the cabinet committee on economic affairs....
04:55 PM, Jun 14, 2013
Anil Rego, personal finance expert and CEO and founder of Right Horizon joined IBNLive readers for an interaction on financial planning and investment tips. Q. I'll be retiring after 10 yrs. Should I invest in fixed deposit or pension plans for retirement planning? Which will give more and guaranteed returns? Asked by: Madhu A. It is good that you are planning to do it well in advance. it is good...
06:12 PM, Jun 13, 2013
The Finance Ministry said that it will take steps to increase foreign investment flows into the country to strengthen the depreciating rupee. ...
11:42 PM, Jun 11, 2013
New Delhi: The Finance Ministry on Tuesday said it will take steps to increase foreign investment flows into the country to strengthen rupee and the regulators will act at appropriate time to contain the fall in domestic currency that touched a record low of 58.96 to a dollar. "We will continue to implement measures to ensure that portfolio investor inflows are enabled and encouraged and some of these measures will...
04:50 PM, Jun 11, 2013
Mumbai: Asking India Inc to revive its "animal spirits", Finance Minister P Chidambaram on Thursday announced setting up of a committee headed by Anil Swarup to re-start 215 large projects worth over Rs 7 lakh crore that have been stalled for various reasons. "After extensive discussions today, the Prime Minister has approved the appointment of a very senior officer to the Cabinet Secretariat, Anil Swarup, to track these 215 stalled...
11:16 PM, Jun 06, 2013
New Delhi: In response to the DIPP's plea for clarity on FDI policy in multi-brand retail (MBR), the Cabinet issued clarifications which allow only 30-per cent sourcing for front-end stores and forbid the MBR entity from conducting any other form of distribution. The sourcing conditions are only for manufactured store-products and does not apply to the procurement of fresh produce. MBR entities are to make fresh investment for back-end infrastructure...
10:45 PM, Jun 06, 2013
New Delhi: The Enforcement Directorate on Wednesday slapped a Rs 8,600 crore show-cause notice on construction major Emaar MGF Land Ltd and its sister firms for alleged forex rules violation, the biggest such penal action in country's real estate sector. The agency, which began an investigation in 2010 with regard to the group bringing in Foreign Direct Investment (FDI), alleged that the firm has violated the rules stipulated by the...
10:54 PM, Jun 04, 2013
Mumbai: Amid rising incidents of fraudulent investment schemes hitting investors, the Reserve Bank on Friday asked the public to carefully evaluate their decisions before depositing money with financial entities including NBFCs. The exhaustive advisory of dos and don'ts comes against the backdrop of investment schemes such as the multi-crore Saradha scam, which defrauded thousands of gullible investors in West Bengal. "The advisory is part of the Frequently Asked Questions (FAQs)...
10:37 PM, May 31, 2013
New Delhi: The government on Friday said it has approved eight FDI proposals worth Rs 696 crore, including those of ACME Solar Energy, GETIT Infoservices and McKinsey & Company. The Foreign Investment Promotion Board (FIPB) cleared the proposal of ACME Solar Energy to bring in foreign investment worth Rs 275 crore, the Finance Ministry said in a statement. Besides, FIPB cleared GETIT Infoservices' proposal to receive foreign investment worth Rs...
07:26 PM, May 31, 2013
Tokyo: Committing himself to 'hard and difficult' decisions for long-term interest of the economy, Prime Minister Manmohan Singh on Tuesday expressed confidence that the economy will return to the growth path of 8 per cent. Inviting Japanese investments in the infrastructure sector, he told captains of industry here that a target of USD 1 trillion has been set for the sector in the 12th Five Year Plan (2012-17), and hoped...
08:44 PM, May 28, 2013
New Delhi: Low investments, particularly in infrastructure sector, have been a "big bottleneck" to the Indian economy and holding up the growth, Prime Minister Manmohan Singh has said, adding the government is trying to address the problem. "Our principal concern is to strengthen the impulses to accelerate the process of investment, particularly the investment in infrastructure which has been a big bottleneck which has held up our growth process," the...
05:55 AM, May 27, 2013
New Delhi: With a view to seek foreign investments, Finance Minister P Chidambaram will be visiting Dubai on Sunday to sell India's growth story to sovereign wealth funds. The Minister is scheduled to meet his counterpart in Dubai and also hold bilateral consultations with the SWFs (Sovereign Wealth Funds) in his day-long visit to the Gulf nation, an official source said. The visit is part of Chidambaram's global tour to...
03:45 PM, May 25, 2013
Mumbai: Maharashtra Chief Minister Prithviraj Chavan on Tuesday met Chinese Premier Li Keqiang in Mumbai and invited the neighbouring country's industrialists to invest in the state. "During the meeting, the Chinese Prime Minister evinced keen interest in investing in the infrastructure and pharmaceutical sectors in the state," an official spokesperson said after the meeting. Li sought information from Chavan on Maharashtra government's efforts to develop Mumbai as a global city,...
03:31 AM, May 22, 2013
Kolkata: With the Mamata Banerjee government in West Bengal coming up with a draft textile policy to attract investment to revive the sector, leading industry lobbies have expressed hope that the policy roadmap would help the industry to grow significantly. States like Maharashtra and Gujarat unveiled their new textile policies in 2012 to woo investors. "A policy was necessary. It will surely help Bengal's textile sector grow rapidly. The roadmap...
04:54 AM, May 20, 2013
New Delhi: Overseas investors have poured in nearly Rs 12,000 crore (about USD 2.2 billion) into the Indian equity market so far this month. With this, the total foreign investment in the country's equity market has reached Rs 73,029 crore (USD 13.5 billion) since January. During May 2-17, foreign institutional investors (FIIs) were gross buyers of shares worth Rs 37,997 crore, while they sold equities amounting to Rs 26,005 crore...
11:58 AM, May 19, 2013
New Delhi: The panel looking into retail major Walmart's lobbying activities with American lawmakers for its entry into the Indian market is likely to submit its report to the government in a day or two. The one-man committee, headed by former Chief Justice of Punjab and Haryana High Court Mukul Mudgal, has finalised the report. Sources said the report is expected to be submitted to the government "this week". The...
02:20 PM, May 18, 2013
Bhubaneswar: More than a fortnight after CNN-IBN exposed that Odisha-based Seashore Group had duped over 1.5 lakh investors of Rs 1700 crore, the state's crime branch on Saturday sealed the headquarters of the group in Bhubaneshwar. The company had reportedly offered investors 24 per cent interest per annum. While the chairman of Seashore Group Prashant Das has yet not been arrested, the police had earlier detained over a hundred staff...
12:21 PM, May 18, 2013
Tokyo: India and Japan on Friday agreed to further strengthen investment and trade ties by ensuring faster implementation of ongoing projects. Both the countries have agreed to support planned initiatives and projects in this year designed for strengthening business partnership to be organized by Japan External Trade Organization (JETRO) and New Energy and Industrial Technology Development Organization (NEDO), a joint statement by Indian Commerce and Industry Minister Anand Sharma and...
05:35 AM, May 18, 2013
