emfizz.com January 19, 2018

Govt allows 100% FDI in single-brand retail via automatic

11 January 2018, 08:56 | Jan Cross

Government has given its nod to 100 per cent FDI in single-brand retail

Government has given its nod to 100 per cent FDI in single-brand retail

While allowing foreign airlines to have stake in Air India, the government has also made it clear that the national carrier's substantial ownership would remain with Indian nationals.

In aviation sector, as per the extant policy, foreign airlines are allowed to invest up to the limit of 49% of their paid-up capital under Government approval route, in the capital of Indian companies operating scheduled and non-scheduled air transport services.

The Sangh Parivar affiliates, the likes of Bharatiya Mazdoor Sangh and Laghu Udyog Bharati, outfits that have consistently opposed FDI in most sectors, said they needed more time to study the cabinet decisions. However, this is a superficial clause since the government is the one selling the stake and it would be only too happy to sell a 49 percent stake to a foreign airline.

Besides retail, the Modi Cabinet also allowed foreign airlines to invest up to 49 per cent under the government approval route in Air India.

In major changes liberalising foreign direct investment in key sectors, the Union Cabinet on Wednesday approved 100 per cent foreign investment in single brand retail trading (SBRT) and construction development and chose to open up Air India for FDI up to 49 per cent.

Spanish prisoner declared dead wakes up in morgue
Luckily, before the procedure started, Jiménez started showing signs of life, and was quickly transferred to a nearby hospital. According to local paper La Voz de Asturias , his body was "ready to be opened up" when snoring was heard inside the bag.

President Donald Trump arrives at 2018 national championship
Trump, a Republican, won Alabama by 30 points and Georgia by 5 over Democrat Hillary Clinton in the last presidential election. Trump is the first sitting president to attend a college football game since Barack Obama attended the 2011 Army-Navy game.

Insteon and Google Assistant release new voice-activated home system
It has "Tuned by Meridian Audio" speakers on both sides, while the front-facing camera is above it. The Lenovo Smart Display comes in an 8 inch and 10 inch variant and looks pretty great too.

Speaking on FDI cap on SBRT, the government said in its statement: "Extant FDI policy on SBRT allows 49% FDI under automatic route, and FDI beyond 49% and up to 100% through Government approval route".

A senior civil aviation ministry official said that allowing FDI in Air India is a "considered decision" and will send out an important message to global investors. It says we will give jobs to people from each family. "It is a pity that instead of formulating policies for the welfare, upgradation and modernisation of existing retail trade, the government is more interested in paving way for the MNCs to control and dominate the retail trade of India", National Secretary General of CAIT Praveen Khandelwal said. "See 4-6 serious bids for AI subject to bid conditions". "Now being in government, it has hypocritically reversed its position", the statement said.

The Air India group covers 44 overseas and 75 domestic destinations. We have to examine the government's decision closely. However, this provision was not applicable to Air India, thereby implying that foreign airlines could not invest in the state-run airline.

It is nearly a given that the government will have to absorb much of Air India's massive debt to entice enough interest from any private sector company.

"Interesting-Commandeer a low valuation report, sell Air India to a crony oligarch who in turn disinvests 49 per cent to a foreign airline at hefty premium", Congress spokesperson Manish Tewari said in a tweet. "After completion of this 5 year period, the single bran retailer will be required to meet the 30% sourcing norms directly towards its India's operation, on an annual basis", the release further stated.

Other News

Trending Now

Serena Williams opens up about childbirth nightmare of blood clots
Serena Williams has spoken about the medical ordeal she faced after giving birth to her daughter. Williams was put on blood thinners, but she wasn't out of the woods yet.

Alabama WR Calvin Ridley Declares For NFL Draft
Harris rushed for an even 1,000 yards and also scored 11 touchdowns this season. Damien Harris is coming off of his second straight 1,000 yard campaign.

Magnitude 7.6 natural disaster strikes off Caribbean coast of Honduras
The reports that the 7.6 magnitude makes this one of the most powerful earthquakes to hit the Caribbean in modern day history. President Juan Orlando Hernandez tweeted that the emergency system had been activated and people should remain calm.

Egypt Denies Report Backing President Trump on Yerushalayim
He told the hosts that instead of condemning the decision, they should persuade their viewers to accept it. But he added that eventually "this thing will become a reality.... and we don't want to go to war.

Australian Star Craig McLachlan Accused of Sex Harassment
McLachlan also reportedly asked her to come to his dressing room on one occasion, shut the door and took off his boxer shorts. There's 2000 people watching me and can't see him. 'I want my money back. "These allegations are ALL made up".

Mark Wahlberg paid 1500 times more than Michelle Williams for movie reshoots
In August, Forbes named Wahlberg the highest-paid actor of the year, calculating his pretax and pre-fee earnings at $68 million. Meanwhile, Williams had previously told USA Today: "I said I'd be wherever they needed me, whenever they needed me".

Nigeria commission sets date for 2019 presidential election
The INEC boss urged all the political parties and all and sundry "to eschew bitterness and conduct their activities with decorum". From left: National commissioner, Independent Electoral Commission (INEC), Prince Solomon Adedeji; chairman of INEC, Prof.

Hrithik Roshan Has The Perfect Return Gift For Fans On His Birthday
Currently, Hrithik is prepping for his first biopic based on the life of mathematics genius Anand Kumar, titled Super 30 . Mil Gaya (2003), in which Hrithik essayed the role of a mentally challenged youth who befriends an alien.

'No deal' between Astros and Pirates on Gerrit Cole
Shortly after, FOX Sports reporter Ken Rosenthal , who previously said a deal was "close", appeared to walk back his claim. He finished with a 2.60 ERA, 1.09 WHIP and 202 strikeouts in 32 starts and 208 innings, all of which were career bests.

Police arrests four Kashmiri cricketers for respecting Pakistani national anthem
SSP Bandipora, Sheikh Zulfikar Azad told The Economic Times "We have registered the case and investigation is going on". Police had arrested some of the boys then but they were let off after assurances from the parents.