1. Home
  2. India
  3. FDI in multi-brand retail comes into effect, India Inc euphoric

FDI in multi-brand retail comes into effect, India Inc euphoric

[email protected] (PTI)
September 20, 2012

wallmart

New Delhi, September 20: Showing resolve for reforms, the government on Thursday notified its decision to allow global retail giants like Wal-Mart to open stores in India, on a day several political parties called Bharat bandh to protest against the policy.

With this notification, multinational retailers can invest up to 51 per cent to open stores in 10 states and UTs which, till date, have agreed to implement the decision.

"51 per cent FDI in multi-brand retailing, in all products, will be permitted ... " a notification by the department of industrial policy and promotion (DIPP) said. It said the decision will take immediate effect.

The DIPP also operationalised September 14 Cabinet decisions to relax the sourcing norms for foreign retailers investing beyond 51 per cent in single-brand retail and allow 49 per cent FDI by foreign airlies in the domestic carriers.

Besides, the decisions on permitting 49 per cent FDI in power exchanges and increase in foreign equity cap from 49 per cent to 74 per cent in the service providers like DTH in broadcasting sector have also been notified.

In the most controversial area of FDI in multi-brand, the DIPP said the state governments and UTs would be free to take their own decisions.

"Therefore, retail sales outlets may be set up in those States\UTs which have agreed, or agree in future, to allow FDI in MBRT (multi-brand retail trading) under this policy".

Minimum amount to be brought in by the foreign investor would be USD 100 million and outlets may be set up only in cities with a population of more than 10 lakh.

At least 50 per cent of FDI should be invested in 'back-end infrastructure' within three years of the first tranche.

To protest against the government's decision, NDA, Left and SP called Bharat Bandh. The parties were also protesting against the diesel price hike and cap on subsidised LPG.

India Inc euphoric

Hailing the Centre's decision to implement FDI in multi-brand retail, the industry today said this will give a strong message to investors that the government means business and stands firm on its initiatives.

Industry body Assocham complimented the government on its firm decision on economic reforms.

"This will give a strong message to investors inside as well as outside the country that the government means business," Assocham secretary general D S Rawat said.

The politicians must distinguish between politics and economics in the interest of the country. Though not much investments will be flowing from investors immediately but the message it carried is huge, he added.

The government today notified FDI in multi-brand retail operationalizing the Cabinet decision.

The Department of Industrial Policy and Promotion also operationalized September 14 Cabinet decisions to relax the sourcing norms for foreign retailers investing beyond 51 per cent in single-brand retail and allow 49 per cent FDI by foreign airlines in the domestic carriers.

Besides, the decisions on permitting 49 per cent FDI in power exchanges and increase in foreign equity cap from 49 per cent to 74 per cent in the service providers like DTH in broadcasting sector have also been notified.

The development comes on a day when a nation-wide bandh was called by BJP, Left parties and UPA's outside supporter SP to protest diesel price hike and FDI in multi-brand retail evoked mixed response with life and trade being disrupted in some states.

CII said it is important to stay on track on reforms. "The entire decision on multi-brand retail will go a long-way in capital infusion in the country and also leads to strengthening of linkages including benefits to farmers," CII director general Chandrajit Banerjee said.

This is an important reform for India for both growth and development, he added.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 2,2020

Tezpur (Assam), Mar 2: Seven boys, who had appeared for their class 10 board examinations, were apprehended on Sunday for allegedly raping and killing a 12-year-old girl in Assam's Biswanath district, police said.

The girl was hanged from a tree after the crime.

The incident happened on Friday in Chakla village under the jurisdiction of Gohpur police station, they said.

A senior police officer told PTI that the culprits, all of them High School Leaving Certificate (HSLC) examinees, were on the run, but were nabbed by a police team.

The accused after the examination had called the victim to a house on the pretext of organising a party and raped her, the officer said.

It is suspected that the girl was raped on Friday night and then hanged from a tree in a forest near the house, the senior police officer said.

The body was found on Saturday.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 23,2020

New Delhi, Feb 23: Hailing the role of first Prime Minister Jawaharlal Nehru in shaping India a modern nation state, former Prime Minister Manmohan Singh on Saturday hit out at the Narendra Modi-led Central government, saying "nationalism" and the slogan of 'Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India.

Speaking at the launch of a book on Jawaharlal Nehru's works and speeches, Singh said: "I am extremely happy that this book makes an effort to revisit Pandit Nehru. He had led this country in its volatile, formative days when we adopted democratic way of life, accommodating divergent social and political views."

The former Prime Minister said that Nehru, who was very proud of Indian heritage, "assimilated it", and harmonised them into the needs of a "new modern" India.

"A great visionary, Nehruji laid the foundation for shaping India as a modern nation state," he said.

Highlighting the works of the first Prime Minister, Singh said: "If India is recognized in the comity of nations as a vibrant democracy and, if it is considered as one of the important world powers, it was Nehru, who should be recognised as its main architect."

He said Nehru was not only a statesman of high international standing, but a great historian and literary figure too.

"With an inimitable style, and a multi-linguist, Nehru laid the foundation of the universities, academies and cultural institutions of Modern India. But for Nehru's leadership, Independent India would not have become what it is today," he said.

Taking an apparent dig at the BJP government, he said: "But unfortunately, a section of people who either do not have the patience to read history or would like to be deliberately guided by their prejudices, try their best to picture Nehru in a false light.

"But I am sure, history has a capacity to reject fake and false insinuations and put everything in proper perspective," he said.

He said the book "Who is Bharat Mata" is such an attempt to set the narrative in the right direction.

Singh said that selecting appropriate pieces from Nehruji's works, the book justifies its title "Who is Bharat Mata?"

"As this book contains a timely collection of writings by and on Pandit Jawaharlal Nehru- the leader, who shaped India and the Icon whose legacy is the subject of intense and often angry reaction today.

The book also comprises reminiscences and assessments of Nehru by some of his contemporaries and near contemporaries-among them, including Mahatma Gandhi, Bhagat Singh, Sardar Patel, Maulana Azad, Aruna Asaf Ali, Sheikh Abdullah, Ramdhari Singh Dinkar, Ali Sardar Jafri, Baldev Singh, Martin Luther King Jr, Richard Attenborough, Lee Kuan Yew and Atal Bihari Vajpayee.

"It is a book of particular relevance at a time when nationalism and the slogan of ‘Bharat Mata Ki Jai' are being misused to construct a militant and purely emotional idea of India that excludes millions of residents and citizens," Singh said attacking the BJP government.

The two time Prime Minister further said that in the pages of the carefully complied anthology-which also carries illuminating introductions by the authors Nehru emerges as a "remarkable man of ideas and action", who had an instinctive understanding of India's civilisational spirit and as a visionary with clear commitment to the promotion of scientific temper, who despite the compulsions of politics, remained a true democrat.

"His legacy continues to be of immense significance-perhaps more today than at any other time in our history," he said.

He also warned that "Nehru makes a very significant and time relevant remark on the dangers of leaderships falling into a trap and getting removed far away from the common people whom they are supposed to serve".

"In an atmosphere, when emotions are deliberately get provoked and the gullible are misled by false propaganda, misusing communication technology, this book makes a refreshing break through," Singh added.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
August 3,2020

The Drugs Controller General of India (DCGI) has given nod to the Serum Institute of India (SII) for conducting phase 2 and 3 human clinical trials of the Oxford University developed Covid-19 vaccine candidate in the country.

Government officials said that the approval for conducting phase 2 and 3 clinical trials by the SII was granted by DCGI Dr V G Somani late Sunday night after a thorough evaluation based on the recommendations of the Subject Expert Committee (SEC) on Covid-19.

"The firm has to submit safety data, evaluated by the Data Safety Monitoring Board (DSMB), to the CDSCO before proceeding to phase 3 clinical trials," a senior official said.

"As per the study design, each subject will be administered two doses four weeks apart (first dose on day one and second dose on day 29) following which the safety and immunogenicity will be assessed at predefined intervals," the official said.

As a rapid regulatory response, the expert panel at the Central Drugs Standard Control Organisation (CDSCO) on Friday, after a detailed deliberation and considering the data generated on the vaccine candidate in phase 1 and 2 of the Oxford University trial, had recommended granting permission for phase 2 and 3 clinical trials of the potential vaccine, 'Covishield', on healthy adults in India,  the officials said.

Currently, phase 2 and 3 clinical trials of the Oxford vaccine candidate is going on in the United Kingdom, phase 3 clinical trial in Brazil and phase 1 and 2 clinical trials in South Africa.

The officials said that the SII had submitted a revised proposal on Wednesday after the SEC on July 28, following deliberation over its application, had asked it to revise its protocol for the phase 2 and 3 clinical trials besides seeking some additional information.

The panel had also recommended that the clinical trial sites which have been proposed for the study be distributed across India.

According to the revised proposal by the SII, 1,600 people aged above 18 years will participate in the trials across 17 selected sites, including AIIMS-Delhi, B J Medical College in Pune, Rajendra Memorial Research Institute of Medical Sciences (RMRIMS) in Patna, Post Graduate Institute of Medical Education and Research in Chandigarh, AIIMS-Jodhpur, Nehru Hospital in Gorakhpur, Andhra Medical College in Visakhapatnam and JSS Academy of Higher Education and Research in Mysore.

"According to the application, it would conduct an observer-blind, randomised controlled study to determine the safety and immunogenicity of 'Covishield' on healthy Indian adults," the official said.

The SII, which has partnered with AstraZeneca, for manufacturing the Oxford vaccine candidate for Covid-19 had submitted its first application to the DCGI on July 25 seeking permission for conducting the phase 2 and 3 trials of the potential vaccine. 

Initial results of the first two-phases of trials of the vaccine conducted in five trial sites in the UK showed that it has an acceptable safety profile and homologous boosting increased antibody response, sources had said.

To introduce the vaccine, SII, the world's largest vaccine maker by number of doses produced and sold, has signed an agreement to manufacture the potential vaccine developed by the Jenner Institute (Oxford University) in collaboration with British-Swedish pharma company AstraZeneca. 

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.