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vegassports-odds.com January 20, 2018


Govt clears 49% FDI in Air India

13 January 2018, 03:57 | Melvin Schneider

FDI policy liberalised, 100% FDI now in retail, construction

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With more investments, more jobs and income for the nation is expected, and the 49% on Air India came at the wake of government's decision to disinvestment on the carrier.

Prime Minister Narendra Modi's cabinet approved a proposal to allow foreign airlines to take up to a 49% stake in national carrier Air India, which New Delhi wants to privatize.

With an eye on higher foreign inflows, the government has liberalised the foreign direct investment (FDI) policy in various sectors such as single-brand retail, real estate broking and civil aviation.

Regarding the liberalisation in the construction development segment, the government has chose to clarify that real estate broking service does not amount to real estate business and is therefore, eligible for 100 per cent FDI under automatic route.

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.

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"This breakthrough will open up millions of new employment opportunities, a push to investment activity in the economy and expansion in economic growth trajectory in the coming times", he said.

"More worrisome is the decision to set off the condition of mandatory sourcing requirement of 30% of purchases from India, for 5 years after the opening of the first store by the foreign company".

This is the second major liberalisation in FDI policy by the NDA government in one go after major changes effected in June 2016. It is therefore, eligible for 100 per cent FDI under the automatic route.

"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. "We believe the decision to allow 100 per cent FDI through automatic route will ease the process for foreign as well domestic brands", Retailers Association said.



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