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FDI policy liberalised, 100% FDI now in retail, construction
Under the circumstances, it would be prudent to honour the report of the parliamentary committee, which has recently recommended against the disinvestment in Air India and has recommended for holding back this decision for the time being, he added. These are meant to liberalize and simplify the FDI policy so as to provide ease of doing business in the country. "We believe the decision to allow 100 per cent FDI through automatic route will ease the process for foreign as well domestic brands", Retailers Association said. It is therefore, eligible for 100 per cent FDI under the automatic route.
Government's decision of allowing 100 % FDI for single brand retail has received criticism from the BJP's ideological mentor RSS.
Besides, the clarification that real estate broking service will not amount to real estate business has addressed the issue being faced by such firms.
By allowing 49% FDI in Air India, the government will likely get more bidders and hence a better valuation.
Sangh economic wing Swadeshi Jagran Manch on Thursday said the Narendra Modi government's decision to ease foreign direct investment norms would go against the "interest of the country" and urged people to resist the move. Senior Congress leader Anand Sharma said that 100 per cent FDI in single brand retail was notified during the previous UPA government and the only change made is to allow it through the automatic route. However, foreign investors' purchases were restricted to the secondary market only.
Commerce and Industry Minister Suresh Prabhu said the decisions would help "remove roadblocks" for receiving foreign investments and expressed the hope that relaxation of norms would facilitate faster development of the economy.
In a major move to attract more FDI into the country, the government on Wednesday permitted foreign airlines to invest up to 49 per cent in disinvestment-bound Air India and liberalised rules for foreign investment in single brand retail, construction and power exchanges.
This is the second time that the FDI policy has been changed by the current government.
This is unedited, unformatted feed from the Press Trust of India wire.
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