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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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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News Network
April 4,2020

Mumbai, Apr 4: As many as six Central Industrial Security Force (CISF) personnel stationed at Mumbai airport in Maharashtra have tested positive for coronavirus, taking the total number of positive cases among the central force to 11. The first case of a CISF jawan being diagnosed with the viral disease was reported on March 28. 

After the first case, the armed police force reported four more cases of COVID-19 among the personnel stationed at the airport on Thursday. On the same day, the CISF collected samples of 146 staff and sent them to Kasturba hospital for testing. The results, which arrived on Friday, recorded six more COVID-19 cases among, reported news agency.

The personnel were posted at Kharghar adjoining Mumbai, a senior official told news agency.

As of now, there are 14 COVID-19 cases in Panvel Municipal Corporation (PMC) area in Mumbai. Kharghar comes under the civic body's jurisdiction.

All the 146 CISF personnel were shifted to a quarantine centre at a facility at Kamothe reported the Times of India.

Maharashtra reported 67 new COVID-19 cases, taking the total tally to 490. A total of 26 deaths have been reported in the state.  

In the meantime, the Centre on Friday said there is no shortage of medical supplies across the country to fight COVID-19 outbreak.

"The government of India is making sure that all the essential medical supplies are in place to fight COVID-19. Sixty-two lifeline Udan flights transported over 15.4 tons of essential medical supplies in the last five days," Union Minister for Chemical and Fertilisers DV Sadanada Gowda said in a tweet.

The government is also paying full attention to the manufacturing activities of essential items like pharmaceuticals and hospital devices. For this, over 200 units in Special Economic Zones (SEZs)  are operational, he added.

"A Central Control Room has also been set up for close monitoring of the distribution of essential medical items and to address logistic related issues," Gowda said.

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News Network
April 14,2020

New Delhi, Apr 14: With 1,211 fresh cases of coronavirus reported in the last 24 hours, the total number of confirmed cases of COVID-19 in the country has reached 10,363 including 339 deaths, said Lav Aggarwal, Joint Secretary, Health and Family Welfare, here on Tuesday.

As many as 1,036 people have recovered from the disease so far, said Aggarwal during the daily media briefing on the coronavirus. "In one day, 179 people were diagnosed and found cured," he added.

"A total of 10,363 confirmed cases have been reported in India including 339 deaths and 1,036 people, who were COVID-19 positive have recovered. Out of the total deaths, 31 deaths have been reported in the last 24 hours," said Aggarwal.

Aggarwal said that an evaluation of each district and city will be done till April 20.

"An evaluation of each district and city will be done till April 20 in which it will be evaluated what measures did that authorities take in these cities and districts to combat COVID-19," he said.

"Based on the results of this litmus test approach, permission will be granted for some selective activities to those districts and cities which controlled the situation effectively. Detailed guidelines will be issued soon," he added.

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