Come Fly With Us, India Tells Foreign Investors

Come Fly With Us, India Tells Foreign Investors

Come Fly With Us, India Tells Foreign Investors

It has now been made a decision to do away with this restriction and allow foreign airlines to invest up to 49 per cent under the automatic approval route in Air India as well, the government said in a statement.

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. These are meant to liberalize and simplify the FDI policy so as to provide ease of doing business in the country. As a major move that will ease foreign investments, the government has approved 100 percent FDI through automatic routing, which will be heavily useful. As the real estate business has been crippled, allowing 100% FDI under the automatic route for real estate broking services can help matters. 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.

Air India had a total debt of about Rs 48,877 crore at the end of March 2017, of which about Rs 17,360 crore was aircraft loan, and Rs 31,517 crore for working capital.

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"Allowing 100% FDI under automatic route for the Single Brand retail will provide impetus to the development of infrastructural capabilities like warehousing and assist in creation of a well-organized and agile retail supply chains", said Anil Khaitan.

Overseas investment policy has also been liberalised in case of power exchanges, an online platform where electricity is traded.

NEW DELHI-India moved to relax restrictions on foreign investment in retail, airlines and other industries Wednesday, in hopes of attracting more capital and expertise to Asia's third-largest economy.

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The Union Cabinet has given its approval to a number of amendments in the FDI Policy.

The move should generate employment and give Indian consumers access to several worldwide brands.

This is published unedited from the PTI feed.

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