71 pending FDI proposals put on fast track; decision likely in 8 to 10 weeks

download (1)Source: The Economic Times, July 10, 2017

NEW DELHI: As many as 71 pending foreign investment proposals, including those of Amazon, Grofers, Urban Ladder, One97 (which runs Paytm) and Jasper Infotech (Snapdeal), are being fast-tracked.

Many of these had been pending with the recently abolished Foreign Investment Promotion Board since 2015.

The Department of Industrial Policy and Promotion (DIPP) will now distribute them to the relevant ministries and check the status of each pending application at a joint review meeting later this month.

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Malaysian firms eye Rs 5,000 crore station makeover kitty in 1st big FDI boost for Railways

Source: The Economic Times, June 20, 2017

In potentially the first big FDI in railways, Malaysia’s state-owned Construction Industry Development Board (CIDB) will participate in the auction for redevelopment of Udaipur, Howrah, Indore, Secunderabad, Pune and Faridabadrailway stations.

The estimated cost of redevelopment of these stations would be Rs 5,000 crore, a top rail ministry official said. CIDB Holding Malaysia has written to the Railway Board, saying it would participate in the ongoing Swiss challenge bidding process of these shortlisted stations on behalf of Malaysian companies.

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FIPB abolition delays FDI from Amazon, Big Basket and Grofers

download (2)Source: Business Standard, June 14, 2017

New Delhi: The Foreign Investment Promotion Board (FIPB) was dissolved to expedite approvals for foreign direct investment (FDI) proposals — but, it seems to have had the exact opposite effect for food retail.

Amazon, Big Basket and Grofers, collectively planning to invest $1 billion in food-only retail in the country, had filed applications to do so in January. They are yet to receive approvals.

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There’s been a record jump in FDI: PM Modi

index.jpgSource: Business Standard, June 07, 2017

New Delhi: The Foreign Direct Investment (FDI) has seen a huge jump from $34,487 billion to $61,724 billion since 2013, Prime Minister Narendra Modi said on Wednesday.

Giving an overview of his three-year-old government, he said India is today seen as a bright spot in the global economy, doing business here has been made easier and the tax regime is more predictable and stable.

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Government to unveil portal to facilitate FDI proposals soon

index.jpgSource: The Economic Times, June 08, 2017

NEW DELHI: The government will soon unveil a portal to replace the website of the Foreign Investment Promotion Board, an interministerial body that has been dismantled as part of the ease-of-doing-business drive. The Department of Industrial Policy and Promotion (DIPP) will be the administrative body to manage the portal that will provide guidance on foreign direct investment, a senior official said. The website’s focus will be more on facilitation than approvals.

The Cabinet recently approved scrapping of the FIPB that vetted FDI proposals, removing one layer of decision making that is expected to make the investment process quicker.

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Benetton applies for FDI in single-brand retail

index.jpgSource : Livemint 25 May 2017

New Delhi: Two companies, including fashion chain Benetton Group, have sought approval of the government to enter India through the “FDI in single-brand retail” route.

The Benetton Group sells apparel under the brand name of United Colors of Benetton.

Benetton India Pvt. Ltd has sought approval to undertake e-commerce and retail trading of imported goods, according to the department of industrial policy and promotion (DIPP).

Karnataka-based Actoserba Active Wholesale Pvt. Ltd wants to undertake single-brand retail trading and e-commerce of Zivame branded lingerie products. Two foreign individuals—Katarzyna Dmoch and Rami Shinnawie—have also sought nod from the government to set up a 100% foreign-owned Indian retail arm of Caracole Interior Designs, Qatar.

Currently, foreign direct investment (FDI) up to 49% is permitted under the automatic route but beyond that limit, government’s nod is required. Foreign investment is allowed subject to certain conditions, which require products to be of a “single brand” only and to be sold under the same brand globally.

New Delhi: Two companies, including fashion chain Benetton Group, have sought approval of the government to enter India through the “FDI in single-brand retail” route.

Govt to ease FDI in print media, construction, retail

indexSource: Business Standard, May 17, 2017

New Delhi: The government is moving ahead with further opening of print media, construction and retail sectors to foreign investments, and detailed deliberations in this regard were held in the finance ministry on Wednesday.

The commerce and industry ministry may soon approach the Union Cabinet to get the final approval on the proposals, sources said.

According to them, the government is considering to relax foreign direct investment (FDI) norms in certain areas of print media.Currently, government allows foreign investment in areas such as printing of newspapers and publishing of scientific magazines with certain conditions and FDI caps.

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