Tuesday, 23 January, 2018

FDI Relaxation To Help Attract Foreign Investors

Single-brand retail FDI policy liberalised, 100% FDI now in retail, construction
Sammy Stanley | 13 January, 2018, 06:12

The only significant change has been the decision to allow foreign airlines to acquire up to 49% in Air India, these critics admit, but we are still far too early in the disinvestment process of the state-owned airlines to make much of this. The Government has taken the decision without considering its impact on India's existing retail trade.

While India has seen its economy slowing recently, it has managed to secure a lot of foreign capital even without the new opportunities in place for entrepreneurs from overseas. Similarly, with the government relaxing norms for Air India, foreign airlines can now invest up to 49% under approval route in the sale-bound Indian carrier.

This is the second time that the FDI policy has been changed by the current government.

CAIT National President Mr B C Bhartia & Secretary General Mr Praveen Khandelwal while expressing utter dismay said that 100 % FDI in single brand -automatic route will kill domestic manufacturing sector and will give a big jolt to Make in India??!

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"It has been made a decision to permit single brand retail trading entity to set off its incremental sourcing of goods from India for global operations during initial five years, beginning April 1 of the year of the opening of first store against the mandatory sourcing requirement of 30% of purchases from India", the statement said.

Currently, the policy provides for 49 percent FDI under automatic route in power exchanges. 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.

"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.

"Today, India offers one of the most conducive investment opportunities for mass investors and retailers looking to expand overseas as Indian economy is growing at a strengthened pace coupled with high purchasing power and eased norms", he said. It remains an unfinished agenda for the government.

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