New Delhi, January 15, 2018: Most of the industrial bodies have welcomed the cabinet approval to 100 per cent FDI in the field of single brand retail trading and construction development.
Reacting to the cabinet decision, Chandrajit Banerjee, Director General, CII said, “The relaxations in FDI policy announced by the Cabinet today are most welcome and would certainly lead to further increase in foreign investment inflows.”
He said that India continues to attract high levels of foreign direct investment and CII has been very appreciative of the government on measures already taken, especially on ease of doing business. Today’s announcement includes multiple measures targeted at specific sectors where opportunities exists.
“100 per cent FDI under the automatic route has been allowed in single brand retail trading and construction development where interest has been rising. Foreign airlines have been allowed to invest up to 49 per cent in Air India with approval. This is expected to bring some capital to support a turnaround in the national carrier. Other clarifications such as definition of medical devices and investment in power exchanges through the primary market are most welcome,” he said.
Aashish Kasad, India region tax leader, consumer products and retail, EY India said, “Permitting 100 per cent FDI in single brand retail under the automatic route is another progressive step by the Govt of India towards attracting foreign investment and ease of doing business in India.”
Retailers Association of India (RAI), the unified voice of Indian retailers, in its reaction said, “New FDI Reform a positive step for retail as well as the nation’s economy.”
United News Of India
