India Eases Foreign Investment Rules To Push Growth
India Eases Foreign Investment Rules To Push Growth
FDI policy liberalised, 100% FDI now in retail, construction
13 January, 2018, 06:13
As no domestic business house may be ready to invest in debt-ridden Air India, permitting 49% foreign ownership in the airline may boost its prospects of survival.
For single brand retail trading, there is no approval required of the Government for 100% FDI.
Swadeshi Jagran Manch has said that easing the norms for FDI in SBRT would go against the best interest of the country.
India has secured robust foreign investment inflows in recent years, but its economic growth has slowed recently. Moreover, they have also expressed strong resentment to Union Cabinet's decision to allow foreign investment up to 49% in Air India and other decisions about easing of norms for FDI and FIIs. In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment. Overseas investment policy has also been liberalised in case of power exchanges. However, foreign investors' purchases were restricted to the secondary market only. The change in FDI-in-retail policy isn't as contentious, but it is a courageous move because the RSS has always been opposed to it and the BJP's traditional voter base includes a lot of traders and retailers.
Opening up of FDI for real estate brokers will surely help the sector in India.
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"Allowing 100 per cent FDI in single-brand retail trade will further increase the hardship of traditional retail trade sector which is the second biggest livelihood giver after agriculture and expedite the ruin of the traditional retail trade sector", Sen said. The amendment is likely to benefit companies such as Swedish furniture maker Ikea, which is planning to set up stores across the country.
India's financial year runs from April to March.
"Global brands across different categories, from apparel to electronics to accessories will be aided through this, providing further options to Indian consumers and improving India?s ranking in ease of doing business", Rajat Wahi, Partner, Deloitte India said.
Both Mr Bhartia & Mr Khandelwal said that this decision is step towards allowing FDI in Multi Brand Retail. "This remains an unfinished agenda".
In construction sector, the Government clarified that real-estate broking service eligible for 100% FDI under automatic route.
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