UPA govt opens FDI floodgates

July 17, 2013

UPA_FDINew Delhi, Jul 17: Bypassing security concerns, the government on Tuesday decided to throw open country’s telecom sector fully to foreign investors.

In defence production, it retained the right to approve proposals beyond 26 per cent on condition that it involves state-of-the-art technology.

The move will allow companies such as Vodafone, Telenor, Sistema and others to operate on Indian soil without an Indian partner. Foreign investment in telecom sector was currently allowed to a maximum of 74 per cent. The FDI caps were raised in 12 sectors, including insurance, oil and gas, single brand retail and power exchanges. The FDI in civil aviation has been, however, left unchanged at 49 per cent.

In insurance sector, in which the government is trying to build a consensus for a long time, the FDI cap was raised from 26 per cent to 49 per cent under automatic route, implying foreign firms do not need approval by the government before investing in the sector. However, the FDI in insurance is subject to approval by Parliament.

While, the FDI cap in defence sector remained unchanged at 26 per cent, higher limits of foreign investments in “state-of-the-art” technology will be considered by the Cabinet Committee on Security, said Commerce and Industry Minister Anand Sharma. On what he meant by "state-of-the-art", Sharma said the term would be defined by the Defence Ministry.

The rise in FDI cap across a majority of the sectors is expected to increase dollars flows into the Indian economy and also improve the investor sentiment which has taken a beating in the past. The decision to relax sectoral FDI caps in some areas and relaxation of FDI route in some others was taken at a high-level meeting chaired by Prime Minister Manmohan Singh on Monday evening.

In single-brand retail, 49 per cent FDI was allowed under the automatic route. Beyond that limit, the FDI will have to be approved by the Foreign Investment Promotion Board (FIPB). No decision was taken on raising FDI caps in airports, media, brownfield pharma and multi-brand retail.

FDI of up to 100 per cent was allowed in courier services under automatic route. In credit information companies 74 per cent FDI under automatic route was allowed.

Sharma said the government would soon prepare a note on Tuesday’s decision on FDI. It is expected to come before the cabinet next week.

Foreign direct investments in India had taken a beating in the past couple of years. The minister said that FDI inflows in the first quarter this fiscal were 25 per cent more than the first quarter of last fiscal.

Tuesday’s decisions were based on recommendations of a committee headed by Economic Affairs Secretary Arvind Mayaram which had suggested relaxing investment caps in about 20 sectors.

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News Network
April 16,2020

Kochi, Apr 16: A middle-aged man carrying his ailing father on his shoulders walked close to one-kilometre in Kerala’s Punalur when the autorickshaw he was driving was allegedly stopped by the police over the ongoing lockdown. He was bringing back his father from the hospital after he was discharged on Wednesday.

In a video that has gone viral on social media, the man can be seen carrying his bare-bodied father on the shoulders and struggling to handle the weight while a woman carrying the hospital documents, prescriptions and other items, is running along with him.

The incident took place in Punalur town of Kollam district.

The 65-year-old man, a native of Kulathupuzha, was released from the Punalur Taluk Hospital and his son was taking him home when he was stopped on the road. The man has alleged that even after he produced hospital documents, the police refused to let him pass with the autorickshaw.

The vehicle was stopped about a kilometre from their house in the middle of a traffic jam and the family had to walk the rest of the path. He said even after he told the police and showed papers from hospital he was not allowed to go.

After the video went viral in Kerala, the state human rights commission took suo motu cognizance of the incident.

The nationwide lockdown has prevented all non-essential movement in the public space while medical emergencies have been allowed. The extended lockdown will now continue till May 3.

According to the police, the vehicle did not have the patient when it was stopped. The driver was asked to show a declaration document.

He stepped out of the vehicle and walked to the hospital which was 200 metres from the checkpoint and returned carrying his father on the back, said the police.

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Agencies
January 9,2020

Kashmir, Jan 9: US Ambassador to India Kenneth I Juster along with envoys from 15 other countries arrived in Srinagar on a two-day visit to Jammu and Kashmir on Thursday, the first visit by diplomats since the abrogation of the erstwhile state's special status in August last year.

The Delhi-based envoys arrived in Srinagar by a special chartered flight at Srinagar's technical airport where top officials from the newly carved out union territory received them, officials said.

Later in the day, they would be going to Jammu, the winter capital of the newly created Union Territory, for an overnight stay. They will meet Lt Governor G C Murmu as well as civil society members, they said.

Besides the US, the delegation will include diplomats from Bangladesh, Vietnam, Norway, Maldives, South Korea, Morocco, and Nigeria, among others.

Brazil's envoy Andre Aranha Correa do Lago was also scheduled to visit Jammu and Kashmir. However, he backed out because of his preoccupation here, the officials said on Wednesday.

Envoys from the European Union (EU) countries are understood to have conveyed that they will visit the union territory on a different date and are also believed to have stressed on meeting the three former chief ministers -- Farooq Abdullah, Omar Abdullah and Mehbooba Mufti -- who are under detention.

Officials said envoys of several countries had requested the government for a visit to Kashmir to get a first-hand account of the situation in the Valley following the August 5 decision to abrogate provisions of Article 370 and bifurcate it into two union territories, Jammu and Kashmir, and Ladakh.

This is the second visit of a foreign delegation to Jammu and Kashmir since August 5. Earlier, Delhi-based think tank International Institute for Non-Aligned Studies, a Delhi-based think tank took 23 EU MPs on a two-day visit to assess the situation in the union territory.

The government had distanced itself from the visit with Minister of State for Home G Kishan Reddy informing Parliament that the European parliamentarians were on a "private visit".

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Agencies
March 25,2020

New Delhi, Mar 25: The Indian Rail Catering and Tourism Corporation (IRCTC) on Wednesday appealed to the people not to cancel their e-tickets on their own in case of trains being cancelled by the national transporter due to nation-wide lockdown to help curb the spread of novel coronavirus pandemic.

Clearing the doubts of the railway passengers, IRCTC spokesperson Siddharth Singh said, "Doubts have been raised regarding cancellation of e-tickets subsequent to the halting of railway passenger trains.

"It may be submitted that for trains cancelled by the railways in its complete run, refund on e-tickets is full and automatic. In this case, no cancellation exercise is required to be done on the part of the user," he said.

The IRCTC official said that if user cancels his e-ticket in situations of train cancellations, there are chances he may get "less refund". "Hence passengers are advised not to cancel e-tickets on their own for those trains which have been cancelled by the railways," he said.

He also said that the refund amount will be credited to the user account used for booking e-tickets automatically and no charges will be deducted by the railways in case of train cancellation.

His remarks came as the national transporter announced the suspension of the passenger, mail and express services from March 23 till March 31. However, the railways extended the suspension of services till April 14 in the wake of the three week lockdown announced by Prime Minister Narendra Modi from March 25 during his second special address to the nation on Tuesday night.

The railways has cancelled over 13,600 passengers trains across the country in a bid to combat the spread of novel coronavirus. Only freight trains are running to ensure the supply of essential services. About 9,000 freight trains are transporting essential items every day across the country.

On Wednesday, India recorded 562 cases of COVID-19 with 10 deaths.

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