So far, the government allowed Foreign Direct Investment in single brand retail up to 49% through the automatic route, but any investment above that limit required the government's approval. "It has now been made a decision to permit 100 percent FDI under automatic route", an official release said here, following a Cabinet meeting.
He added that although India's organized retail sector is in a nascent stage, it has today become a potential target for FDI from across the world. "It should be 100 per cent FDI in Air India".
The cabinet also approved Foreign Institutional Investors/foreign portfolio investors (FIIs/FPIs) to invest in Power Exchanges through primary market apart from approving definition of "medical devices" amended in the FDI Policy.
The Communist Party of India-Marxist (CPI-M) said the Modi government was now moving towards handing over Air India to a foreign airline.
The government also said that issue of shares against non-cash considerations like pre-incorporation expenses and import of machinery will now be permitted under the automatic route in case sectors do not require government nod.
Berkshire boosts board size, adding Abel and Jain
Jain is head of Berkshire's insurance operations, including executive vice president of National Indemnity Co. of Omaha. Jain and Abel have always been considered by those that follow Berkshire to be the leading candidates to replace Mr.
Stoke move for Republic of Ireland coach Martin O'Neill
It is expected O'Neill will hold talks with the Stoke officials with his future still unclear in his role with the FAI. Now, the Telegraph are reporting Stoke City have reached out to O'Neill to discuss a potential move.
New Google Assistant directory helps you discover actions
Only this week is Google rolling out the Assistant found on phones, tablets , headphones, TVs, and smartwatches to cars. This feature is now available on cars from BMW, Mercedes-Benz and Hyundai.
In another relaxation in the construction sector, 100% FDI was allowed through automatic route in townships, housing, built-up infrastructure and real-estate broking services. The new rules are expected to speed up clearances and investments.
The CAIT also condemned the Modi government's "love for MNCs".
That was part of a series of moves to relax restrictions on foreign investment. It has been chose to provide in the FDI policy that wherever the foreign investor wishes to specify a particular auditor/audit firm having global network for the Indian investee company, then audit of such investee companies should be carried out as joint audit wherein one of the auditors should not be part of the same network.
The government has claimed that after the initial move FDI inflows increased substantially.
Industry players welcomed the development saying it would help attract more foreign investments in the sector and boost the economy and generate employment. During 2015-16, country received total FDI of United States $ 55.46 billion.
FDI flow into India during the April-September period grew by 17% to $25.35 billion. Accordingly, the government has chose to introduce a number of amendments in the FDI policy.