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
February 13,2020

New Delhi, Feb 13: Tibetan spiritual leader the Dalai Lama has congratulated AAP supremo Arvind Kejriwal for his party's stupendous victory in the Delhi Assembly polls, saying the people of the national capital will continue to benefit from his leadership.

Responding to the Dalai Lama's statement, Kejriwal in a tweet on Wednesday said, "Am humbled by the kind words and blessings from His Holiness The Dalai Lama. Thank you very much @DalaiLama."

Referring to the Happiness Curriculum for government schools in Delhi, the Dalai Lama said he has a deep admiration for the efforts the AAP government has made towards "shaping better, happier human beings with improved values".

"These measures will have a positive impact on children's overall education, as well as helping the poor to fulfil their dreams of improving their lives," he said.

He also lauded the AAP government's initiative to incorporate aspects of inner mental development into the school curriculum.

"Through such initiatives, you are showing a path to the rest of India," the Dalai Lama added.

In a near-repeat performance of 2015, the Aam Aadmi Party on Tuesday retained power with a stunning victory, winning 62 of the 70 assembly seats and leaving the BJP with just eight seats.

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Agencies
June 14,2020

Kashmir, Jun 14: An Army personnel was killed and two others were injured as Pakistani troops opened fire and shelled areas along the Line of Control in Poonch district of Jammu and Kashmir, officials said on Sunday.

This is the third fatality in the Pakistani firing and shelling on forward posts and villages in the twin districts of Poonch and Rajouri this month.

The officials said the latest firing and shelling from across the border took place in Shahpur-Kerni sector on Saturday night, drawing strong retaliation by the Indian Army.

Three Indian Army personnel were injured in the Pakistani firing and were immediately evacuated to hospital, where one of them succumbed to injuries, the officials said.

They said the casualties suffered by the Pakistani Army in the retaliatory action were not known immediately.

On June 4, havaldar P Mathiazhagan fell to Pakistani firing in Sunderbani sector of Rajouri district, while on June 10, Naik Gurcharan Singh lost his life in a similar incident in Rajouri sector.

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News Network
February 26,2020

Mumbai, Feb 26: Observing that the violence in Delhi is akin to a "horror film" depicting the grim reality of the 1984 anti-Sikh riots, the Shiv Sena on Wednesday said the "bloodbath" has brought disrepute to the national capital like never before while US President Donald Trump was in India with the "message of love".

The editorial in party mouthpiece 'Saamana' lamented that Trump was welcomed in Delhi while there was bloodbath on the streets.

It further said that the violence could potentially spread the message that the Central government has failed to maintain the law and order situation in Delhi.

"Violence has erupted in Delhi. People are on the streets equipped with canes, swords, revolvers, blood is being spilled on the roads. Some horror film-like situation is being witnessed in Delhi, which depicts the grim reality of the 1984 riots," the Sena said.

It further said the BJP was still blaming the Congress for the deaths of hundreds of Sikhs in the violence that was erupted after assassination of then Prime Minister Indira Gandhi.

It needs to be unravelled who is responsible for the current riots in Delhi, the Sena said while referring to the "language of threats and warning used by some BJP leaders".

"The national capital was burning at a time when Prime Minister Narendra Modi and visiting US President Trump were holding talks.

"It does not augur well that Trump was welcomed in Delhi with the horror film of violence, bloodbath on the streets, screams of people, and tear gases. Trump saheb came to Delhi with a message of love, but what unfolded before him? 'Namaste' in Ahmedabad and violence in Delhi. Never before Delhi was defamed like this," the editorial said.

Trump had begun his February 24-25 India visit from Ahmedabad in Gujarat.

Seventeen people have died so far and over hundred were injured in the violence that has gripped several parts of north east Delhi over the Citizenship Amendment Act (CAA) since Sunday.

Attacking the Central government over reports that the violence was timed with Trump's visit, Sena said, "the Union Home Ministry has alleged that a conspiracy was hatched to defame India internationally by triggering the violence during Trump's visit to the national capital.

"The Home Ministry not knowing about the conspiracy behind the violence over the CAA is detrimental to national security. There is no problem in controlling the riots with the same courage with which Article 370 and 35A were scrapped," the editorial said.

It further said the anti-CAA protest at Shaheen Bagh in Delhi was yet to be called off yet despite the Supreme Court appointing mediators.

"It is being said that the violence sparked off after some BJP leaders talked the language of threats and warning. So, did someone want the peaceful agitation (at Shaheen Bagh) to acquire the present form of riots? (They) could have waited for at least Trump to leave the country," the Sena said.

The Uddhav Thackeray-led party also questioned the timing of the riots, which are occurring days after the results of the Delhi assembly polls.

"It is mysterious that the violence broke out days after the BJP lost the Delhi assembly elections. The BJP lost and now this is the condition of Delhi," the Sena said.

The Uddhav Thackeray-led party, a former ally of the BJP, now shares power in Maharashtra with the NCP and the Congress.

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