Come Fly With Us, India Tells Foreign Investors

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.

India has secured robust foreign investment inflows in recent years, but its economic growth has slowed recently. The sudden changes may help India's rank for ease of doing business go up a few notches and cash inflows may make things look better, but what about the resultant and adverse consequences in the long term for the unprotected Indian domestic market?

Until now, FDI of up to 49 per cent was permitted in both sectors, but beyond 49 per cent, government approval was required.

Besides, the clarification that real estate broking service will not amount to real estate business has addressed the issue being faced by such firms.

In the case of medical devices, the government has permitted a wide range of items that can attract up to 100 per cent FDI via the automatic route.

Among the "disastrous decisions", Sen listed the "hasty merger" of Indian Airlines and Air India and "forcible procurement" of a huge fleet of aircraft from foreign companies through direct purchase at an inopportune time thereby imposing on the company an "unbearable burden of indebtedness leading to loss".

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Currently, the policy provides for 49 percent FDI under automatic route in power exchanges.

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.

The move should generate employment and give Indian consumers access to several global brands.

This is the second time that the FDI policy has been changed by the current government.

Relaxing a procedural requirement, the government said it has now been decided that for investments in automatic route sectors, requiring approval only on the matter of investment being from country of concern (that is Pakistan and Bangladesh), FDI applications would be processed by the DIPP for government nod.

Earlier the applications were processed by the Ministry of Home Affairs.

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