Finance

100 percent FDI cleared for single brand!

100 percent FDI cleared for single brand!

Weeks ahead of his trip to attend the World Economic Forum meet at Davos, Prime Minister Narendra Modi paved way for right optics for his government by announcing liberalising foreign direct investment (FDI) in several sectors, including disinvestment of loss-making national carrier Air India up to 49 per cent, automatic 100 per cent FDI in single brand retail, real estate and pharma sector. Relaxations are also made on FDI on medical devices and firms receiving foreign investments. The development is expected to clear the way for foreign airlines and Indian carriers to get into tie-ups to jointly invest in Air India.

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. These are meant to liberalise and simplify the FDI policy so as to provide ease of doing business in the country. Under the current policy, there is a limit of 49% FDI and for 100% foreign investment, the approval of the Government was required.

In construction sector, the Government clarified that real-estate broking service eligible for 100% FDI under automatic route.

Single-brand retail has been open to 100% FDI since 2011; the main draw for investors will be multi-brand retail-this has been pending due to a fear of retaliation from kirana store owners. Overseas investment policy has also been liberalised in case of power exchanges.

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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.

This is the second major liberalisation in FDI policy by the NDA government in one go after major changes effected in June 2016.

"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", he added.

This is published unedited from the PTI feed.


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