Retail stocks end on a mixed note after FDI move

Retail stocks end on a mixed note after FDI move

Retail stocks end on a mixed note after FDI move

The cabinet also cleared plans to automatically allow 100 percent foreign investment in single-brand retailers.

"This step to liberalise FDI in retail trade will have harmful consequences for domestic retail traders and shopkeepers", a statement from the Communist Party of India-Marxist said.

In September, the Department of Investment and Public Asset Management had invited bids for the role of advisors to guide the government on the financial and legal issues associated with the strategic disinvestment. "Now being in the government, it has hypocritically reversed its position".

Cabinet has also approved investment up to 49 per cent under approval route In Air India to facilitate Air India divestment.

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To be sure, the 49 percent cap on the holding of foreign airlines in Air India is a part of the total permissible limit of 49 percent on foreign investment in the carrier.

It brings Air India, which previously had to be fully locally owned, in line with the country's other local airlines in which foreign investment is allowed.

In Air India, it will now allow a maximum of 49 percent foreign ownership including that by airlines.

As per the existing procedures, FDI applications involving investments from countries of concern requiring security clearance are to be processed by the Home Ministry for investments falling under automatic route sectors and activities. Government has put in place an investor friendly policy on FDI, under which FDI up to 100%, is permitted on the automatic route in most sectors/ activities. It has now been chose to permit 100% FDI under automatic route for SBRT.

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During the year 2014-15, total FDI inflows received were USA $ 45.15 billion as against U.S. $ 36.05 billion in 2013-14.

The approval through automatic route is aimed at further quickening the FDI clearance process and many foreign players may now enter the Indian market this advantage of this. During 2015-16, country received total FDI of U.S. $ 55.46 billion. A special objective vehicle (SPV) will be formed, in which all the real estate and artefacts belonging to the airline will be housed, according to a ministry official.

Under the present policy, FII and FPI purchases were restricted to secondary market only. Referring to Mr. Modi's speech during the first Persons of Indian Origin (PIO)-Parliamentarians Conference on Tuesday where he said "a record $60 billion FDI came into the country a year ago", Congress leader Raj Babbar said, "the Prime Minister should have told ... that fresh investment in 2014, during the UPA government of Manmohan Singh, was ₹16.2 lakh crore and it came down to ₹ 7.9 lakh crore in 2017".

In the pharma sector, the Cabinet made a decision to amend the definition of medical devices in the FDI policy.

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