The cabinet approved the extension of FDI in single brand retail from 49% to cent percent in automated route.
Futures Enterprises was up 5.11% at Rs 49.40, Avenue Supermarts (+1.38% at Rs 1,248.25), Shoppers Stop (+2.01% at Rs 546.05), and Trent (+1.15% at Rs 344.15).
"It has now been chose to do away with this restriction and allow foreign airlines to invest up to 49 per cent under approval route in Air India subject to the conditions that foreign investments in Air India including that of foreign airlines shall not exceed 49 per cent either directly or indirectly".
The government today relaxed FDI norms in various sectors such as single brand retail and allowed foreign airlines to invest up to 49 per cent in Air India.
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Prime Minister Narendra Modi's right-wing government has sought to encourage foreign companies to invest in India since coming to power in 2014. Foreign investors, including foreign airlines, do not need prior approval for holding up to 49 percent in an Indian carrier.
The Cabinet also chose to allow 100 per cent FDI in construction development relating to building townships, housing, infrastructure and real estate broking services.
Essentially, this means that government approval is no longer required for FDI in single brand retail trading. "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".
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As per the existing procedures, FDI applications involving investments from countries of concern requiring security clearance are to be processed by the Home Ministry for investments falling under automatic route sectors and activities.
"Having taken the decision to privatise Air India, the Modi government is now moving towards handing over Air India to a foreign airline".
During 2015-16, the country received total FDI of United States $ 55.46 billion.
Extant policy provides for 49% FDI under automatic route in Power Exchanges registered under the Central Electricity Regulatory Commission (Power Market) Regulations, 2010. In FY 2016-17, total FDI of $60.08 billion has been received, which is an all-time high. A special objective vehicle (SPV) will be formed, in which all the real estate and artefacts belonging to the airline will be housed, according to a ministry official. "However, FII/FPI purchases were restricted to secondary market only". Further, it has also been made a decision to amend the definition of "medical devices" as contained in the FDI Policy.
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He said such developments were part of a Western idea of instilling "thought and culture to the younger generation of countries". He has repeatedly said that teaching English to children from an early age could lead to "western cultural infiltration".