CAMERON EXTENDS UK SUPPORT FOR INDIA’S NSG BID
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Vol 45 | Issue 8
P25
India allows 100% FDI in defence 25th June to 1st July 2016
In a relaxation of norms that has made India "the most open economy in the world for FDI", India flung its door open to 100 per cent foreign direct investment across nine key sectors. In a move that probably shook the global markets, the Modi Sarkar made entry and control of foreign investor in several sectors, a cakewalk.
A statement from the PM's Office read, "The Centre has radically liberalised the FDI regime, with the objective of providing major impetus to employment and job creation in India. This is the second major reform after the last radical changes announced in November 2015. Now most of the sectors would be under automatic
approval route, except a small negative list. With these changes, India is now the most open economy in the world for FDI." Among other decisions, 100 per cent FDI has been permitted in teleports, direct-to-home, cable networks and mobile TV under the automatic route. 100 per cent FDI has also been permitted under the government approval route for trading, including through e-commerce, for food products manufactured or produced in India. The country's FDI inflows
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this year increased to $55.46 billion as compared to last year's $36.04 billion. At present, 49 per cent FDI in defence is allowed under the automatic route, while FDI above 49 per cent is permitted through government approval on case-to-case basis, wherever it is likely to result in access to modern and ‘state-of-the-art’ technology in the country. The new FDI limit for defence sector has also been made applicable to manufacturing of small arms and ammunitions covered
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under the Arms Act 1959. More than 49 per cent FDI has been permitted, under the government approval route, however, the condition of access to state-of-the-arttechnology, has been done away. Local sourcing norms for single-brand retail trading are also relaxed for products seen as having 'state-of-the-art' and 'cutting edge' technology. The Centre also decided to allow 100 per cent FDI under automatic route in brownfield airport projects as opposed to the current norm of 74 per cent under automatic route, and beyond 74 per cent under government route. The FDI limit for scheduled air transport service/domestic scheduled passenger airline and regional air transport service has also been raised to 100 per cent, of which up to 49 per cent would be allowed under automatic route and beyond 49 per cent through government approval. For NRIs, 100 per cent FDI will continue to be allowed under the automatic route, but the FDI limit for foreign Continued on page 26
Brexit: Tearing apart an already divided nation? n Marcus Parekh n Rupanjana Dutta
With Thursday’s allimportant referendum dominating news across the continent, the British public is being made painstakingly aware of the enormity of the consequences. Leave, and the nation will be plunged into immediate political chaos, face decades of economic turmoil and potentially instigate the collapse of the European ideal. Remain, and millions PM David Cameron at will feel disenfranchised Bhaktivedanta Manor for the and terrified over an historic Haveli impending migrant crisis groundbreaking event that could threaten the nation’s way of life. The hyperbole of the rhetoric is startling. The Leave campaign have abused the politics of fear in a fundamentally irresponsible manner, with race baiting and mud slinging becoming the staple of most speeches. Despite the murder of MP Jo Cox, Nigel Farage and other Leave campaign leaders have refused to ratchet down the incendiary tone. The Remain Chancellor George Osborne at BAPS Shree Swaminarayan side has been forced to combat the aggressive, Temple on 14 June negative campaign with their own negative and Tribute: defensive tactics. Both Jo Cox, an MP with David Cameron and a common touch. BAME MPs have been See page 6 forced to discuss negative, rather than positive Prime Minister issues. David Cameron and James O’Brien spoke Chancellor George out on the LBC radio Osborne speak waves following the murabout the imporder of Jo Cox, attempting tance of to expose what he Commonwealth and deemed to be incendiary British Asian voters; “political debate” pushing
urge the community to vote Remain.
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