Through clearing the foreign direct investment (FDI) proposal to set up fully owned brick-and-mortar stores, the government has opened the door for similar licences from other companies like Grofers and Big Basket to be considered.
A day after the Centre released its consolidated FDI policy, the Delhi government today said it will not allow entry of foreign direct investment in the capital's retail sector, saying that it will be detrimental to the interests of traders in the city.
Jaitley maintained that the BJP's position remains the same on multi-brand retail FDI and his position was also the same. He was replying to a query on Walmart and other retail giants wanting India to re-think on multi brand retail and whether there was a room for rethink.
Kishore Biyani, founder & group chief executive officer, Future Group, says he is comfortable with the current debt levels as Future Consumer is now a debt-free business while Future Lifestyle Fashion has a debt to EBITDA of less than three times.
Speaking to CNBC-TV18, Vivek Gupta, partner, BMR Advisors, says the government, however, needs to clarify on Brownfield and Greenfield investments too.
Press notes 2 and 3 of 2009 that will allow foreign companies to invest in any sector has been forwarded by the finance ministry to the Reserve Bank of India (RBI) to make it a part of the FEMA framework.
Reflecting the improving economic sentiments within the Asia Pacific region, retail is once again emerging as a preferred asset class for investors who see consumption as being closely aligned to the region‘s growth.
Government has sent show-cause notices to 5 telecom firms including Reliance Communications and Tata Teleservices for alleged understatement of revenues of over Rs 10,000 crore for financial years 2006-07 and 2007-08, Parliament was informed today.
By Pushpa Bector, Senior Vice President - Leasing and Mall Head, DLF Mall of India
BJP chief Nitin Gadkari today hit out at Sushilkumar Shinde for his remarks on the party and RSS, saying the statement made by the Union Home Minister was "an insult to the entire nation".
Wal-Mart Stores Inc's Mexican affiliate routinely used bribes to open stores in desirable locations, according to a New York Times investigation published Monday, which cites 19 instances of the retail giant paying off local officials.
More states will realise the benefits of allowing FDI in retail in a short time and accordingly "fall in line" to allow multinationals to open stores in their respective regions, Godrej Group Chairman Adi Godrej said.
The issue of FDI in retail came to haunt the government again in Parliament with a united Opposition demanding an inquiry and reply from Prime Minister Manmohan Singh on reports of Wal-Mart spending huge money to lobby for entry into the Indian market.
In an interview to CNBC-TV18 Rajen Shah, chief investment officer CIO, Angel Broking shared reading and outlook on the Indian equity market. He expects both the Sensex and the Nifty to move in small range, but suggests focusing on broader market. "Sensex would be in this range of 19,000-20,000," he added.
A day after Parliament cleared foreign direct investment (FDI) in retail, Prime Minister Manmohan Singh on Saturday assured the nation again and said that the reforms push will benefit both farmers and consumers.
Welcoming the nod accorded by Parliament to FDI in multi-brand retail, India Inc said this will send positive signals to foreign investors which will encourage investments and boost the economic growth.
The United Progressive Alliance (UPA) government on Friday won its second battle on the issue of foreign direct investment (FDI) in retail as it defeated the Opposition's motion in Rajya Sabha as well.
Commerce and Industry Minister Anand Sharma said government had achieved a "decisive victory" in Rajya Sabha on FDI in retail issue and alleged BJP is adopting "double standard" now as it had taken several executive decisions unilaterally when in power.
JD(U) president Sharad Yadav said that the party would take action against MP Upendra Kushwaha for voting in favour of the UPA government on the issue of FDI in retail in the Rajya Sabha on Friday.
The government on Friday won a non-binding vote in the Rajya Sabha on its new policy to allow foreign superstores to enter the country's USD 450 billion retail market.
Naina Lal Kidwai, Country Head of HSBC India believes FDI will bring in fundamental changes to the supply chain. This has also paved the path for foreign institutional investors to increase flows to India
In the US, stocks posted a modest gain in thin, volatile trading as the weekly jobless claims slipped by 25,000 and ahead of the monthly government jobs report due today. Investors remained cautious about the looming "fiscal cliff" issue.
Shiv Sena MP Sanjay Raut says that FDI in retail is a bid by the government to sell off the country. Citing Bofors, 2G spectrum and coal scams, the Shiv Sena leader said, "Till now the government has looted the country, but now it wants to sell it off."
FDI in retail is necessary to push GDP growth and deal with high current account deficit, besides bringing in technological improvements into the sector, US investment banking giant Goldman Sachs said.
It was joy all over the treasury benches as the opposition motion to withdraw the decision on FDI in retail was defeated in the Lok Sabha. Soon after the vote, Prime Minister Manmohan Singh congratulated Commerce Minister Anand Sharma and Parliamentary Affairs Minister Kamal Nath for their efforts in ensuring the government's victory.