Published: Sun, January 14, 2018
Business | By Tara Barton

RSS opposes government's FDI in single-brand retail, Air India move

RSS opposes government's FDI in single-brand retail, Air India move

The cabinet also allowed foreign airlines to invest up to 49 per cent in the debt-ridden national carrier, Air India, subject to government's approval. It has said that allowing 49% foreign investment is not the best of the solutions for ending the troubles with the National Carrier. "In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment", said an official statement.

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. Accordingly, the Government has made a decision to introduce a number of amendments in the FDI Policy.

It is rather more sad that the set of people making forceful arguments against FDI in retail from 2010 to 2014 became instrumental in bringing FDI in Retail this time. As the real estate business has been crippled, allowing 100% FDI under the automatic route for real estate broking services can help matters.

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The decision of the Govt to allow 100 % FDI in single brand retail and that too through automatic route where no permission of the Govt is required will open flood gate for MNCs to overpower Indian retail trade and that too at the cost of domestic trade.

A cabinet meeting chaired by Indian Prime Minister Narendra Modi on Wednesday paved the way for 100-percent foreign investment in single-brand retail and construction development.

However, the government has yet to liberalise norms for multi-brand retail to enable large worldwide retail chains to invest and bring latest technologies to India.

The country received more than $60 billion in FDI in the past financial year running from April 2016 to March 2017, representing an all-time high. It remains an unfinished agenda for the government. Companies will have to meet the 30 per cent sourcing norm after this period.

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