As per the new policy, FDI investments into Indian companies from the neighbouring countries will require a nod from the government.
Giving details of the total foreign direct investment (FDI) inflow from Chinese companies in India, Minister of State for Finance Anurag Singh Thakur said, it was $350.22 million in 2017-18, while it declined to $229 million in the following year.
"India’s commitment to reform is taken seriously by investors abroad and they take India to be a very desirable destination, otherwise we wouldn’t be seeing good amount of FDI coming even during the pandemic time when India, as many of our critics would say, had the strictest lockdown," Sitharaman said.
FDI in the sector was at Rs 6,502 crore in 2017-18, Rs 5,723 crore in 2016-17, Rs 4,975 crore in 2015-16 and Rs 9,052 crore in 2014-15, Mandaviya added.
The success of various initiatives is reflected in the increased inflow of FDI and increase in Gross Fixed Capital formation, he said, adding that several measures taken by the government will further boost FDI in all sectors.
Confederation of All India Traders (CAIT) have pressed for formation of a regulatory authority empowered to act against companies flouting norms.
In order to boost a sluggish economy, the government wants to attract investment by allowing FDI in contract manufacturing.
According to the World Investment Report 2018 by the UN Conference on Trade and Development (UNCTAD) global foreign direct investment flows fell by 23 percent in 2017, to USD 1.43 trillion from USD 1.87 trillion in 2016.
Mauritius Prime Minister Pravind Kumar Jugnauth today said a comprehensive economic cooperation pact with India is being negotiated that will boost bilateral trade and cross-border investments.
Indian firms had made investments of USD 1.42 billion in their overseas joint-ventures/subsidiaries in March 2016.
"No proposal is under consideration of the government to review the extant FDI policy on multi-brand retail," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
In a written reply, Minister of State in the Defence Ministry Subhash Bhamre said the FDI policy was last reviewed on June 24, 2016 and as per the revised policy, foreign investment up to 49 percent is permitted under the automatic route.
Dabur India is willing to dilute its holding in its wholly-owned retail subsidiary H&B Stores and bring in an investor to grow the business once FDI in multi-brand retail is clarified.
The FDI policy, at present, allows 49 percent foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Department of Industrial Policy and Promotion.
The government has initiated three investigation cases against e-commerce companies till February this year for possible violation of the Foreign Exchange Management Act (FEMA), Parliament was informed today.
The further liberalisation in the FDI policy is aimed at providing better business environment by removing impediments, an official said.
As reported in Moneycontrol on Monday, the government may allow limited sale of beauty and personal care products in global giants' food retail outlets as part of plans to ease rules for multinationals to open stores in the country.
China will more briskly introduce foreign investment, Zhong said while addressing a meeting in Beijing.
The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out FIPB.
The main sectors which attracted the highest foreign inflows include services, telecom, trading, computer hardware and software and automobile.
"Between 2000 and 2016, British FDI created 371,000 jobs 10 percent of all jobs created by FDI. The total number of people employed by British companies in India currently stands at 788,000 representing 5.3 percent, or one in twenty, of private sector jobs," according to the report.
With an RSS affiliate-body vehemently opposing the NDA government's policy on Foreign Direct Investment, Defence Minister Manohar Parrikar today said there would be no damage to the national interest and each such case was being viewed rationally.
Developers The union budget provided a significant boost for affordable housing, by granting it an industry status and all the listed real estate stocks reacted positively. However, whether these incentives will entice the developers R
During the period, India received maximum FDI from Singapore, Mauritius, the UK, the US, the Netherlands and Japan, an official said.