CITU slams move to allow 49% FDI in AI

CITU slams move to allow 49% FDI in AI

The Centre of Indian Trade Unions (CITU) on Thursday denounced the decision of the government to allow 49 per cent foreign direct investment (FDI) in Air India and said it was aimed at expediting the privatisation of the national carrier.

Amendments in the FDI policy are "intended to liberalise and simplify the policy so as to provide ease of doing business in the country. In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment", said an official statement.

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

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In a statement here, CAIT, said "100 per cent FDI in single brand retail through the automatic route will facilitate easy entry of MNCs in the retail trade and also violate the poll promise of the BJP". It is therefore, eligible for 100 per cent FDI under the automatic route.

The 30% local sourcing rules in single-brand retail continue to be a deterrent for investors, especially in industries in which India doesn't already have evolved manufacturers.

Anshul Gupta, Research Director at Gartner India, said that the latest decision "removes systemic friction and will allow global brands to speed up investment to begin operations sooner".

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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.

While the move itself is a positive for handset makers like Apple, pricing of devices will play a crucial role in the success of the brand in the Indian market, Pathak said.

The Government claimed that these measures have resulted in increased FDI inflows.

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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. During the year 2014-15, total FDI inflows received were United States $ 45.15 billion as against USA $ 36.05 billion in 2013-14. Earlier, the Government has introduced multiple changes in FDI policy for defence, insurance, construction development, pension, civil aviation, broadcasting, trading and pharmaceuticals.